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XRP, a popular cryptocurrency associated with Ripple Labs, has seen a remarkable surge in one of its most crucial metrics. According to CoinGlass, the trading volume of the coin has soared 342.3% in the last 24 hours. The volume of XRP currently stands at a whopping $3.15 billion, reflecting the high increase in trading activity.
Previously, XRP lacked investor confidence as the price continued its sideways movement. However, it appears that market sentiment is shifting and bulls are returning. This means that bears are likely to disappear for the time being, and bulls will be able to overcome the market movements. The shifting sentiment can ignite more gains for the XRP price.
In addition, Open Interest (OI) has also jumped 5.59% to a remarkable $637.35 million. This shows an admirable rise in open positions for the coin as investors have started to show greater interest and confidence in it. The rising OI is a crucial development for XRP, as it is expected to give a greater boost to its price.
XRP price skyrockets amid ETF buzz
Along with the rising trading activity and shifting market sentiment, the price of the Ripple-associated coin has seen a notable surge. Over the last 24 hours, it has soared 5.33% to $0.5652. XRP was trading around the lows of $0.5374 at the start of today’s trading session. However, it broke out of that bearish channel and claimed the next high of $0.5652.
The surge in the XRP price is mostly related to the news of a potential launch of XRP spot ETFs. Grayscale Investments, a leading asset management firm, recently announced the relaunch of its XRP Trust. There is speculation that this product may inspire the launch of more XRP-based products, and eventually, XRP ETFs. Riding this wave of optimism, the XRP price has surged today as more gains are expected.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin