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XRP Skyrockets 108% in Volume Amid $400 Million Crypto Market Sell-off

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Fri, 24/05/2024 - 13:21
XRP Skyrockets 108% in Volume Amid $400 Million Crypto Market Sell-off
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In a noteworthy development, XRP has seen a staggering 108% increase in trading volume amid a broader $400 million sell-off on the cryptocurrency market. Data from CoinMarketCap indicates that XRP's trading volume more than doubled, rising by 108% compared to the previous day.

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This surge in trading volume comes at a decisive time in the digital asset space, as investors react to a mix of news both within and outside the crypto market. 

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The past 24 hours have been noteworthy for the crypto market. Following much speculation, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs to be listed on their respective exchanges. Coinbase also reopened XRP trading in New York, to the delight of the XRP community.

Coinbase’s chief legal officer, Paul Grewal, said yesterday that customers in New York could once again trade XRP on the crypto exchange. 

Grewal wrote in a social media post: "XRP trading on Coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up." 

This news remains significant given that Coinbase is the largest crypto exchange contributing to XRP volumes after Binance. 

However, the crypto market posted an unexpected reaction to the recent news, with the market currently experiencing a sell-off, with roughly $400 million in crypto liquidations. Bitcoin and Ethereum, as well as several other cryptocurrencies such as XRP, are down in price.

At the time of writing, XRP was down 0.32% in the last 24 hours to $0.526, according to CoinMarketCap data. XRP trading volume increased by 104% during the same time frame, totaling $2.316 billion.

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Along with the increased trading volume, XRP's price has shown relative stability in the face of a broader market downturn. While many cryptocurrencies have seen significant price drops, XRP is depicting lesser losses, suggesting strong support levels and investor confidence.

As the market reacts to both internal and external influences, XRP's performance will be closely watched by traders and investors alike in the days ahead. 

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