In the past 24 hours, the crypto market experienced a significant liquidation of positions, surpassing $700 million, marking the largest event of its kind in several months. Amid this market turmoil, XRP, a well-established cryptocurrency, stood out by showcasing a remarkable resurgence in both trading activity and price recovery.
According to CoinMarketCap data, XRP observed a noteworthy surge in trading volume, reaching $3.5 billion, signifying a substantial 220% increase from the previous day. This surge in trading volume has not been witnessed since mid-November.
Despite facing a 20% dip in its price during the market collapse, XRP demonstrated resilience as buyers entered the market, leading to a 15% recovery. Currently, XRP is trading at $0.58 per token, showcasing a notable rebound from its lowest level since Oct. 19.
While the XRP price recovery is evident, it is important to note its limited role in the recent liquidation cascade, as seen in CoinGlass data indicating that $2.25 million worth of positions were liquidated in the past 24 hours, with 70% of them being long positions.
As trading volumes for major cryptocurrencies like Bitcoin and Ethereum reach levels reminiscent of the banking collapse in March 2023, totaling $40 billion, this sets the stage for potential billion-dollar turnovers in XRP in the coming days. XRP's recovery and the substantial surge in trading volumes make it a noteworthy player in the evolving narrative of recent crypto market fluctuations.