Trading Volume Of XRP Surges to $10.4 Billion, Ranks 76th
The latest update on XRP shows that the trade volume for XRP, the cryptocurrency linked to Ripple, increased significantly and surpassed $10.4 billion. Nevertheless, despite this tremendous rise, it could only claim the 76th spot on the list of the highest 24-hour trading volumes in cryptocurrency history.
The token’s previous peak trading volume for the year was $6.26 billion on February 8, which has since failed to reach the $7 billion threshold. XRP has been unable to surpass $6.16 billion 24 hour trading volume this year despite periodic price increases. The increase today, representing the highest 24 hour trading volume for XRP since August 2021, has been attributed to this rekindled enthusiasm.
The team at Tech Report has scored the $10.4 billion trade volume a positive outcome, but it’s worth noting that it ranks 76th among all-time 24-hour trading volumes in the cryptocurrency market. According to the official remark by the team, this demonstrates the volume and scope of trading activity that have occurred over time.
While analyzing the data, The Crypto Basic’s Albert Brown explained that the spike in trading volume shows the resilience and promise of XRP as a digital asset, despite its comparatively low ranking. He continued, “Additionally, this highlights how investors continue to be interested in and confident in the cryptocurrency sector, particularly in XRP.”
Investigations into this development also revealed that the XRP community and other market participants are keeping a close eye on these developments because they could impact the token’s price and performance in the future. Increased market activity and liquidity are frequently indicated by higher trade volumes, which may be a factor in price fluctuations and volatility.
All Eyes On XRP, As Analysts Recall Past Market Activities
The XRP community believes that the market’s recent surge in trading activity serves as a reminder of its flexibility and the opportunities it offers to both short-term and long-term investors. The community is currently fixated on the XRP to see if it can maintain this trend and draw more investors.
Trading volume for XRP has significantly increased and now exceeds $10.4 billion. Nick Dunn, a cryptocurrency journalist with Tech Report, while studying XRP’s past activities, recalled that the coin recorded a massive reduction in its trade volume sometime in 2022 – attributed to the ravaging bear market and the global depressions which grossly affected the cryptocurrency market.
The XRP trade volume has recorded over $7 billion since 2022, having its highest peak value at $6.26 billion on February 8 of the same year. The trading volume of the XRP has remained at most $6.16 billion despite the many price propellers that would have spiked it, including the recent court judgment.
Meanwhile, the current $10.4 peak is the most significant trading volume XRP has witnessed since August 2021. Leonidas, a cryptocurrency market analyst and the owner of the YouTube channel XRPArcade recently made explained on his Twitter handle that the despite the recorded $10.4 billion in the XRP trading volume; it still has lesser relevance on the volume recorded on the CoinMarketCap platform.
On the contrary, the price of XRP performed pretty well in the last 24 hours, with a 2.16% increase in price, before hitting the $0.755 price mark. The market capitalization reflected the current negative sentiment, with a 9.75% decrease to $2,751,793,964 within the last 24 hours.
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