Markets
XRP Soars 108% in Volume Amid $400M 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 indicates that XRP trading volume has more than doubled, increasing 108% from the previous day.
This increase in trading volume comes at a defining moment in the digital asset space, as investors react to a mix of news inside and outside the crypto market.
The last 24 hours have been remarkable for the crypto market. After much speculation, the US Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs to be listed on their respective exchanges. Coinbase also reopened XRP trading in New York, much to the delight of the XRP community.
Coinbase Chief Legal Officer Paul Grewal said yesterday that customers in New York would once again be able to trade XRP on the cryptocurrency exchange.
Grewal wrote in a social media post: “XRP trading on Coinbase is available again in NY. We heard you and worked in strong partnership with the State. And now the word can get out – we’re back.”
This news remains significant given that Coinbase is the largest cryptocurrency exchange contributing to XRP volumes after Binance.
However, the crypto market has posted an unexpected reaction to the recent news, with the market currently experiencing a sell-off, with around $400 million in crypto liquidations. Bitcoin and Ethereum, as well as several other cryptocurrencies like XRP, are at low prices.
At the time of writing, XRP is down 0.32% in the last 24 hours to $0.526, according to CoinMarketCap data. XRP trading volume increased by 104% during the same period, totaling $2.316 billion.
Along with increased trading volume, the price of XRP has shown relative stability in the face of a broader market downturn. While many cryptocurrencies have seen significant price drops, XRP is seeing smaller losses, suggesting strong levels of support and investor confidence.
As the market reacts to internal and external influences, XRP’s performance will be closely watched by both traders and investors in the coming days.
About the author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging estimated market trend forecasts. Tomiwabold graduated from the University of Lagos.