Ripple (XRP) Trading Volume Up Nearly 70% as Price May Follow

Amid what has been a volatile turn of events for the digital asset, Ripple (XRP) has seen its trading volume increase by nearly 70% as its price may follow. Specifically, data from CoinGlass has sown a 68.2% surge in trading volume over the past 24 hours alone.

Subsequently, that increase has led to a trading volume total of more than $867 million. Additionally, CoinMarketCap has noted that the 24-hour spot market volume for XRP has eclipsed $837 million. Therefore, the combined trading volume figures have easily exceeded $1 billion with interest regaining.

Also Read: Ripple: XRP May Reach $5 in 90 Days, Analyst Highlights Profit Window

Ripple (XRP) Sees Trading Volume Surge as Price Seeks to Reverse Upward

During the final months of 2023, Ripple experienced a plethora of anticipation as to how it could perform in the coming year. Many expected its legal troubles, like its years-long lawsuit from the US Securities and Exchange Commission (SEC) to finally conclude. However, two months into the year the asset has not yet reached those heights.

Still, XRP has performed similarly to any asset, as the year has not been kind for cryptocurrencies all around. Conversely, a recent development has some that could be hopeful of its prospects. Specifically, Ripple (XRP) saw its trading volume increase by almost 70% over the last 24 hours alone.

Also Read: Ripple [XRP] Valentine’s Day Price Prediction

That has led to its combined trading volume reaching more than $1 billion, noting a key resurgence of interest from investors. However, that has not yet led to any significant movement in its price. Over the last 24 hours, the asset is still trading at the $0.53 level and only up less than 1%.

Additionally, throughout the last day, XRP has been listed among the top liquidated digital assets on the market. Specifically, $190,000 worth of XPR positions have been liquidated over four hours. Moreover, more than 99% of those liquidations had come from long positions.

That development is likely a byproduct of the underachievement of the overall XRP price. Subsequently, in the near term, the asset has greatly struggled to regain any kind of upward momentum. Although small gains have been noted, there has not been any significant change or alteration in its course.

Credit: Source link