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The price of the popular cryptocurrency XRP saw a notable spike worth over 4.2% today when, after finding support from buyers at $0.56 per token, it was taken straight up to $0.584. Unfortunately, this was enough of a spike at that point, and XRP subsequently lost 1.59% in just one hour.
However, these are small price fluctuations that should only concern scalp traders. For everyone else, the only fact about the XRP price that should matter is that it remains above a crucial support level that was successfully defended and retested several times today.
Gamza KhanzadaevIf the small correction we saw in the last hour turns into a higher low, it will also confirm expectations for a long uptrend in the XRP price.
Meanwhile, as the XRP price is providing good food for thought for traders, the trading volume for the seventh largest cryptocurrency itself is seeing quite a huge pump, as it has increased by nearly 70% in 24 hours on the XRP perpetual futures market.
All eyes on XRP
According to CoinGlass, the turnover of derivatives on XRP has reached over $2.09 billion. This figure makes XRP the fifth largest asset in this particular market by trading volume.
The trading volume for XRP also sees increased statistics on the spot market. According to data from CoinMarketCap, the turnover for XRP there has skyrocketed by nearly 50%, reaching a milestone of $1.64 billion.
Arman ShirinyanThis figure puts the popular cryptocurrency in sixth place in terms of turnover on the spot market, if we exclude USDT and USDC stablecoins.
In summary, XRP currently commands over $3.7 billion in trading volume across the spot and futures markets. Considering that its market cap is $32.35 billion, this brings the volume to a market cap ratio of 11.4%.
This indicates slightly increased trading activity for XRP, which means increased attention from market participants. Where this will take XRP in the coming days is another question.
Alex Dovbnya
Vladislav Sopov