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3 Billion XRP in 24 Hours as Price Jumps 6%, Here's What Happened

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Tue, 21/05/2024 - 9:55
3 Billion XRP in 24 Hours as Price Jumps 6%, Here's What Happened
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The market is in a frenzy today as different indices point to the return of the bull market. Bitcoin soared by more than 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with a 18.46% surge to $3,664.23, while XRP jumped 6.23% to $0.5387.

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Three billion XRP shuffle

With the revived market, XRP has recorded a major jump in several of its key metrics, including trading volume. At the time of writing, the trading volume has jumped by a whopping 121% to $1,660,168,987. 

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By this count, it means a total of 3,085,815,960 XRP has been traded in the past 24 hours. This number is quite impressive as it shows that XRP has enough liquidity to serve growing market demand across the biggest exchanges. This access to liquidity is important for XRP’s price to get to its long-targeted level of around $1.

When demand is boosted and there is XRP liquidity to match it, the market’s balance is sustained and price action can take its natural course. XRP has benefited from both whale action and Ripple’s escrow intervention in recent times.

All of these factors have contributed to the sustained resilience in the price of the digital currency.

Key market-moving catalyst

The market was in its long-drawn consolidation phase until the trend shifted yesterday, following news that the approval odds for the spot Ethereum ETF have jumped from 25% to 75%

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Without envisaging this 180-degree turnaround, the United States Securities and Exchange Commission (SEC) has now opened communications with key Ethereum ETF applicants in a move that might lead to the approval of the product.

Notably, the Ethereum ETF sentiment is driving market sentiment, and XRP is positively riding the wave.

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