3 Billion XRP Traded in a Day as Price Surges by 6% – Find Out What Went Down
The market is experiencing heightened activity today as various indicators suggest the resurgence of the bull market. Bitcoin has surged by over 7% in a single day to reach $70,948 at the time of this writing, while Ethereum has outperformed with an 18.46% increase to $3,664.23. Additionally, XRP has risen by 6.23% to $0.5387.
Read Also: Luna Classic (LUNC) Poised for Breakout: Community Anticipates ZEE PAMP
Three billion XRP shuffle
A substantial amount of XRP, totalling three billion, has been traded in the recent market resurgence, resulting in significant increases in key metrics such as trading volume. The trading volume has surged by an impressive 121% to $1,660,168,987 at the time of writing.
This surge in trading volume signifies that a total of 3,085,815,960 XRP has been traded within the past 24 hours. This figure is noteworthy as it indicates that XRP possesses sufficient liquidity to meet the growing market demand across major exchanges. This liquidity is crucial for XRP to achieve its long-targeted price level of around $1. When demand increases and there is adequate XRP liquidity to accommodate it, the market’s equilibrium is maintained, allowing price action to follow its natural course. Recent whale activity and Ripple’s escrow intervention have both contributed to the ongoing resilience in the digital currency’s price.
The market had been in a prolonged consolidation phase until a shift in the trend occurred yesterday, following news that the odds of approval for a spot Ethereum ETF have risen from 25% to 75%. The United States Securities and Exchange Commission (SEC) has initiated communications with key Ethereum ETF applicants, a development that could potentially lead to the approval of the product.
Notably, the sentiment surrounding the Ethereum ETF approval is influencing market sentiment, and XRP is benefiting from this positive trend.
Read Also: Solana Surges Alongside Crypto Market Rally, Eyes Higher Ground
Follow us on Twitter, Facebook, Telegram, and Google News.
Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.
