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XRP Skyrockets 80% in Volume as Price Turns Green
Tom Wabold Olajide
Rising XRP volumes could indicate buying and selling activity as the market recovers
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Exchange rate riskThe seventh largest cryptocurrency by market cap, has seen a positive increase in trading volumes, skyrocketing by 80% as the cryptocurrency price turns green, signaling new interest and activity among traders and investors.
By currencyMarketCap dataXRP trading volumes have skyrocketed by 86%, with $1.41 billion in traded volumes. The surge comes against the backdrop of an ecosystem that has seen XRP’s value turn green, signaling a recovery for cryptocurrencies.
The cryptocurrency ecosystem has surprisingly seen a recovery, with several major coin prices turning positive. This follows a major decline in today’s cryptocurrency trading session, with Bitcoin nearing the $54,000 price point.
XRP/USD Daily Chart, Courtesy: TradingView
XRP was no exception, as it bounced back after falling to a low of $0.403 in today’s crypto trading session. As I put this analysis together, XRP price was back in the green, up 2% in the past 24 hours to $0.432.
This increase in trading volume could indicate a major influx of buying and selling activity as the cryptocurrency market attempts a recovery.
Cryptocurrency Market Welcomes $441 Million Inflows
Sentiment in the market has seen a sudden change following the latest data from Coin Sharingwhich shows that inflows into cryptocurrencies remain surprising given last week’s massive sell-off.
This implies that investors may have seen the price decline as a buying opportunity. Over the past week, digital asset investment products have seen inflows of up to $441 million, according to CoinShares.
Bitcoin received $398 million in inflows, which unusually accounted for only 90% of total inflows as investors chose to invest in a much broader set of altcoins.
In the coming days, all eyes will be on XRP to gauge its next price movement in light of recent developments in the overall cryptocurrency market.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.