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XRP surges 103% in volume as market faces $410 million sell-off
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The broader cryptocurrency market is currently facing a massive sell-off. In the midst of this volatility, XRP experienced a dramatic increase in trading volume, increasing by 103%.
The current sell-off has been brutal for many cryptocurrencies, erasing significant value in a short period of time. According to CoinGlass dataThe sale resulted in $410 million in liquidations over the past 24 hours, the highest total since mid-April.
Based on CoinMarketCap According to the data, XRP trading volume more than doubled in the last 24 hours, reaching $2.21 billion, showing increased interest and activity among traders. This increase in volumes, up 103%, reflects the growing focus on XRP amid broader market turmoil.
The entire crypto market fell on Friday as investors priced in a strong nonfarm payrolls figure for May, raising concerns that the Federal Reserve might not cut interest rates as quickly provided that. Nonfarm payrolls increased by 272,000 in May, compared to 175,000 in April, beating estimates of 190,000. The unemployment rate, however, rose to 4% for the first time since January 2022.
XRP/USD daily chart: TradingView
Many investors hoped Friday’s report would show that the job market and economy were slowing, persuading the Fed to ease monetary policy and lower interest rates.
XRP fell drastically during Friday’s trading session due to macroeconomic developments, reaching a low of $0.454 before recovering slightly.
At the time of writing, XRP was down 5.65% over the past 24 hours at $0.4967.
The Fed is expected to meet next week, although rates are expected to remain stable then and into July. CME figures reveal that traders are pricing in the possibility of a 68% rate cut in September.
Immediately, a break above the 50 and 200 daily moving averages, around $0.524 and $0.576, could imply a positive rebound. At the same time, further declines could target the $0.4294 level as near-term support.
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.