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XRP Skyrockets 108% in Volume Amid $400 Million Crypto Market Sell-Off
Tomiwabold Olajide
This increase in trading volumes comes at an interesting time in the digital asset space
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With a noteworthy development, XRP has saw a staggering 108% increase in trading volume amid a broader $400 million sell-off in the cryptocurrency market. Data from CoinMarketCap indicates that XRP trading volume more than doubled, increasing by 108% compared to the previous day.
This increase in trading volume comes at a pivotal time in the digital asset space, as investors react to a mix of news both inside and outside the cryptocurrency market.
The last 24 hours have been noteworthy for the cryptocurrency market. After much speculation, the US Securities and Exchange Commission (SEC) has approved the listing of eight Ethereum spot ETFs on their respective exchanges. Coinbase also reopened XRP trading in New York, much to the delight of the XRP community.
Coinbase Chief Legal Officer Paul Grewal said yesterday that New York customers could trade XRP on the cryptocurrency exchange again.
Grewal wrote in a social media post: “XRP trading on Coinbase is available again in New York. We listened to you and are committed to a strong partnership with the state. And now the word can get out: we’re back operational.”
This news remains significant given that Coinbase is the largest cryptocurrency exchange contributing to XRP volumes after Binance.
However, the cryptocurrency market has seen an unexpected reaction to the recent news, with the market currently experiencing a sell-off, with approximately $400 million in cryptocurrency liquidations. Bitcoin and Ethereum, as well as many other cryptocurrencies such as XRP, have lost value.
At the time of writing, XRP fell 0.32% over the past 24 hours to $0.526, according to CoinMarketCap data. Over the same time frame, XRP trading volume increased by 104%, totaling $2.316 billion.
Along with increased trading volume, XRP price has shown relative stability in the face of a broader market downturn. While many cryptocurrencies have seen significant price drops, XRP has smaller losses, suggesting strong levels of support and investor confidence.
As the market reacts to both internal and external influences, XRP’s performance will be closely watched by traders and investors alike in the days to come.
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.