Market Turmoil? Not For XRP: 130% Volume Spike Stuns Investors
March 20 2024 - 6:23AM
NEWSBTC
The surge in XRP trading volume has been significant, with multiple
sources reporting substantial increases over a short period. On
March 19, 2024, CoinMarketCap data revealed an increase in XRP’s
trading volume by 130% to over $4 billion within 24 hours. Related
Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations
Amid Ethereum Price Drop This surge occurred amidst a general
market downturn, where XRP’s trading volume increase helped offset
some losses experienced by other assets. Despite a slight decrease
in XRP’s price to $0.605, the asset remained in the green over the
last month, showing an increase of more than 8%. Source:
CoinMarketCap Market Developments Trigger Spike One of the key
drivers behind this uptick in trading volume is a favorable court
ruling between the US Securities and Exchange Commission and Ripple
Labs. This ruling provided much-needed regulatory clarity for XRP,
leading to major exchanges like Coinbase, Kraken, Bitstamp, and
Binance.US either relisting or announcing plans to resume trading
with XRP. The increase in trading volume also reflects an uptick in
investor enthusiasm for XRP. The trading volume spike, which at one
point constituted over 22% of XRP’s market capitalization,
indicates a strong wave of interest and confidence among investors.
Additionally, an impressive price rally in XRP, with the price
soaring by nearly 100% at one point, further fueled trading
activity as investors capitalized on the price movement. XRP market
cap currently at $32 billion. Chart: TradingView.com Exchange
Listings Boost Trading Activity The reopening or relisting of XRP
on major exchanges post-court ruling played a pivotal role in
boosting trading volume. Exchanges like Coinbase, Kraken, Bitstamp,
and Binance.US reopening XRP trading provided traders with
increased opportunities, contributing to the boost in overall
trading volume. In the past week, the price of XRP has experienced
notable fluctuations, reflecting a mix of ups and downs in the
cryptocurrency market. According to Coinbase, XRP’s price has seen
a 3% decrease in the last 24 hours and a significant 17% decline
over the past week. This downward trend indicates a challenging
week for XRP investors as the price struggled to maintain its
position. Related Reading: AVAX Price Soars To Highest In Nearly 2
Years, Over 80% Of Holders In Profit Varied Price Data From
Different Sources On the other hand, YCharts data presents a
slightly different picture, indicating an XRP price of 0.6539 USD
on March 19, 2024. This figure represents a 5.61% increase from the
previous day and a significant 68% uptick from one year ago,
showcasing a more positive outlook for XRP in the long term.
Investors and traders are closely monitoring XRP’s development as
it works through the uncertainty in the market. A break below the
200-day moving average at $0.57 could be the first sign of
impending market decline. Featured image from iStock, chart from
TradingView
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