Markets
XRP Skyrockets 108% in Volume Amid $400 Million Crypto Market Selloff
Tomiwabold Olajide
This increase in trading volumes comes at an interesting time in the digital asset space
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In a remarkable 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 reports that XRP trading volume more than doubled, increasing 108% from the previous day.
This increase in trading volume comes at a pivotal time in the digital assets space, as investors react to a mix of news both within and outside the crypto market.
The last 24 hours have been significant for the crypto market. Following widespread speculation, the United States Securities and Exchange Commission (SEC) has approved the listing of eight Ethereum spot ETFs on their respective exchanges. Coinbase has also reopened XRP trading in New York, much to the delight of the XRP community.
Coinbase General Counsel Paul Grewal said yesterday that customers in New York would once again be able to trade XRP on the crypto exchange.
Grewal wrote in a social media post: “XRP trading on Coinbase is available again in New York. We heard you and worked in close partnership with the state. And now the message can be sent: we We’re back.”
This news remains significant given that Coinbase is the largest crypto exchange contributing to XRP volumes after Binance.
However, the crypto market reacted unexpectedly to the recent news, with the market currently experiencing a massive sell-off, with around $400 million in crypto liquidations. The price of Bitcoin and Ethereum, as well as several other cryptocurrencies such as XRP, are falling.
At the time of writing, XRP was down 0.32% over the past 24 hours at $0.526, according to CoinMarketCap data. XRP trading volume increased by 104% during the same period, totaling $2.316 billion.
Alongside the increase in trading volume, the price of XRP has demonstrated relative stability in the face of a broader market downturn. While many cryptocurrencies have seen significant price declines, XRP is showing smaller losses, suggesting strong support levels and investor confidence.
As the market reacts to internal and external influences, the performance of XRP will be closely watched by traders and investors in the days to come.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.