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XRP Rises 103% in Volume as Market Faces $410 Million Sell-Off
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The broader cryptocurrency market is currently facing a substantial sell-off. Amidst this volatility, XRP saw a dramatic increase in trading volume, up 103%.
The current sell-off has been brutal for many cryptocurrencies, wiping out significant value in a short amount of time. According to CoinGlass datathe fire sale led to $410 million in liquidations in the last 24 hours, the highest total since mid-April.
Based on CoinMarketCap According to the data, XRP trading volume more than doubled in the past 24 hours to $2.21 billion, showing increased interest and activity among traders. This increase in volume, up 103%, reflects the growing focus on XRP amid broader market turmoil.
The entire cryptocurrency market collapsed on Friday as investors priced in a strong non-farm payrolls number for May, raising concerns that the Federal Reserve may not lower interest rates as quickly as expected. Nonfarm employment increased by 272,000 in May, up from 175,000 in April, beating estimates of 190,000. The unemployment rate, however, rose to 4% for the first time since January 2022.
XRP/USD Daily Chart: TradingView
Many investors hoped Friday’s report would show the job market and economy were slowing, convincing the Fed to ease monetary policy and lower interest rates.
XRP fell sharply in Friday’s trading session due to macroeconomic developments, reaching lows of $0.454 before recovering marginally.
At the time of writing, XRP fell 5.65% over the past 24 hours to $0.4967.
A Fed meeting is scheduled for next week, although rates are expected to remain stable both then and in July. CME data reveals that traders are pricing in a 68% chance of a rate cut in September.
Immediately, a break above the 50 and 200 daily moving averages around $0.524 and $0.576 could imply a positive rebound. Meanwhile, further declines could target the $0.4294 level as short-term support.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.