XRP Market Liquidity Reaches 3B as Bulls Strive to $0.70 Breakout, Signalling Positive Market Growth
XRP experienced an 8% surge on July 2024, attributed to recent market narratives linking the price increase to comments made by Donald Trump at the Bitcoin Nashville conference. Ripple Labs, engaged in a legal battle with the SEC since 2020, saw an uplift in investor sentiment following Trump’s positive stance on crypto, subsequent to Joe Biden bowing out of the re-election race.
The 10.5% increase within a 24-hour timeframe on July 31 highlights a 72% surge in XRP price over the last 20 trading days, dating back to July 5, 2024. This surge pushed XRP’s price above $0.65 for the first time in 3 months, signalling potential for further gains based on on-chain data trends.
Read Also: Terra Chain Resumes Normal Operations After Emergency Upgrade
XRP’s Binance Deposit
XRP deposits on Binance crossed $2 billion amid this 72% rally, indicating increased market liquidity triggered by Trump’s support for Bitcoin and corresponding altcoin market movements.
Data from CryptoQuant shows a spike in exchange deposits, with the total number of XRP coins held on Binance increasing from 2.68 billion on July 1 to 3.069 billion on July 29, representing a 4% surge in short-term market supply within 30 days.
This surge in liquidity, driven by heightened demand following Trump’s positive statements, contributed to the 72% price rally, signalling renewed interest in XRP as perceived regulatory risk diminishes. Given these market dynamics, XRP now has the potential to advance towards the $0.70 territory as August 2024 progresses.
Read Also: Shiba Inu Leverages AI for Enhanced Governance on Shibarium
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat’s insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
