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XRP Skyrockets 60% in Volume as XRP Price Outperforms Bitcoin
Gamza Khanzadaev
XRP trading volume surged 60% in 24 hours, outperforming Bitcoin with significant price gains amid market decline and Coinbase listing
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Derivatives trading volume on the popular cryptocurrency XRP has increased by 60% in the past 24 hours, according to the latest data from CoinGlass. This notable growth was primarily due to a significant increase in perpetual XRP futures turnover, which reached a whopping $2 billion. At the same time, on the spot market, XRP trading volume increased by 18.40% to reach $1.75 billion.
Together, these figures brought the total turnover of XRP on centralized platforms up to a staggering $3.75 billion in a single day. Given that the token’s market capitalization is $29.5 billion, trading volume now amounts to approximately 12.71% of the total value, indicating a high level of trading activity.
Source: TradingView
Furthermore, the XRP price against Bitcoin today it increased by more than 3%: the cryptocurrency is now trading at 0.00000785 BTC. In dollar terms, this growth is characterized by the fact that the price of XRP increased by more than 3%, while Bitcoin fell by 1.26%.
This divergence is largely due to the recent market decline, which has seen positions worth $119.85 million liquidated in the last few hours.
XRP’s positive momentum is fueled by Coinbase’s decision to add a token to its platform, a move that will make the cryptocurrency available to New Yorkers for the first time since its removal in 2021 amid Ripple’s legal battle with the SEC. This development has significantly enhanced the market presence and trading activity of XRP.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.