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XRP has increased by 92% in trading volume even as major cryptocurrencies begin December on a negative note.
The crypto market was hit with a fresh wave of liquidations on December's first day as nearly $638 million in leveraged positions were wiped out across major exchanges, extending losses on major cryptocurrencies. CoinGlass data shows longs made up almost 90% of this total at $568.27 million. This indicates that many traders were betting on a price rebound and were caught offguard by the sudden drop.
Binance, Hyperliquid and Bybit saw over $160 million in liquidations each, with longs making up almost 90% of the total.
Major cryptocurrencies, especially in the top 10, were posting losses between 5% and 9%; XRP in particular was deep in red, down 6.74% in the last 24 hours to $2.04 and on track to erase weekly losses.
Traders pointed to thin liquidity and ongoing macro uncertainty as contributing to the price drop of the market.
Mainland China has reiterated its anti-crypto stance, vowing to intensify its crackdown on speculation in virtual currencies, according to a recent report.
Amid the drop of the market, XRP has seen its trading volume jump 92% in the last 24 hours to $3.92 billion, reflecting traders' positioning. XRP fell to an intraday low of $2.01 before slightly rebounding; holding above the $2 support might be crucial for XRP's next move.
XRP, Ripple news
Ripple recently announced that the Monetary Authority of Singapore (MAS) has approved an expanded scope of payment activities for the Major Payment Institution (MPI) license held by its Singapore subsidiary, Ripple Markets APAC Pte. Ltd. (RMA). With this approval, Ripple can broaden its regulated payment offerings and deliver greater value to customers in Singapore.
XRP ETF issuer Canary Capital recently issued a press release stating that its XRP ETF XRPC was larger than all other spot XRP ETFs combined, highlighting first mover advantage: "What we’re seeing with XRPC is more than early adoption, it’s validation of where investor demand is heading."
The launch of 21Shares' spot XRP ETF is anticipated very soon, as well as that of CoinShares and WisdomTree, defining an XRP ETF season.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team