Markets
XRP Volume Surges 61% as Crypto Market Sees $321 Million Drop
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XRPthe seventh largest cryptocurrency by market capitalization, has seen an increase in trading activity over the past 24 hours, as evidenced by its trading volumes.
The surge in activity comes as a massive wave of selling in the market led to substantial liquidations, amounting to $321 million across various digital assets.
According to CoinMarketCap According to the data, a staggering $1.55 billion ($1,558,930,337) worth of XRP was traded in the last 24 hours, representing a 63% increase in trading volumes.
The increase in trading activity around XRP comes as the broader market is facing intense selling pressure. The cryptocurrency market has seen a massive sell-off, leading to widespread liquidations.
In the last 24 hours alone, liquidations have reached a staggering $321 million, according to CoinGlass This wave of selling pressure has affected many cryptocurrencies, leading to sharp price drops and increased volatility.
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XRP has been no exception, currently down 6.15% over the past 24 hours to trade 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 cryptocurrency market today is a reflection of a mix of fear and opportunism. While some investors are liquidating their positions to avoid further losses, others are taking advantage of the price decline to accumulate assets. The increase in XRP trading volume may indicate the interest of traders looking to manage the market volatility.
What’s next for XRP price?
In the short term, the market is closely monitoring XRP price movements amid the ongoing sell-off.
If the XRP Price Bitcoin price would fall further from its current level of $0.457 and could eventually reach $0.41. In the meantime, bulls are likely to vigorously defend the $0.41 to $0.46 range.
On the upside, buyers must overcome the immediate hurdle of the 50-day moving average SMA at $0.503. This is a critical resistance to watch as a break above it could signal the start of a strong recovery towards the 200-day moving average SMA at $0.554 and eventually the $0.57 level.