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XRP Skyrockets 61% in Volume Amid $321 Million Crypto Market Sell-Off
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Exchange rate riskThe seventh largest cryptocurrency by market capitalization, has seen an increase in trading activity over the past 24 hours, as evidenced by its trading volumes.
This spike in activity comes at a time when a broad market sell-off has led to substantial liquidations, amounting to $321 million in various digital assets.
Second CoinMarketCap data, a staggering $1.55 billion ($1,558,930,337) worth of XRP was traded in the last 24 hours, a 63% increase in trading volumes.
The surge in trading activity around XRP comes as the broader market faces intense selling pressure. The cryptocurrency market has suffered a major sell-off, leading to widespread liquidations.
In the last 24 hours alone, liquidations have reached a staggering $321 million, according to Coin glass data. This wave of selling pressure has hit numerous cryptocurrencies, causing sharp price drops and increased volatility.
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XRP is no exception: it is currently down 6.15% over the past 24 hours and is trading at $0.4517.
The increase in trading volumes could suggest that XRP is gaining attention and attracting both buyers and sellers during this volatile period.
The current cryptocurrency market landscape reflects a mix of fear and opportunism. While some investors are liquidating positions to avoid further losses, others are capitalizing on lower prices to accumulate assets. The increase in XRP trading volume could indicate the interest of traders trying to navigate the market volatility.
What does the future hold for XRP price?
In the short term, the market is closely monitoring XRP price movements amid the current sell-off.
If the XRP Price drops further from its current level of $0.457, it may eventually reach $0.41. Meanwhile, the bulls are expected to vigorously defend the range between $0.41 and $0.46.
On the upside, buyers need to clear the immediate hurdle of the daily SMA 50 at $0.503. This is a critical resistance to watch as a break above could signal the start of a strong recovery towards the daily SMA 200 at $0.554 and eventually the $0.57 level.