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According to CoinMarketCap data, XRP has experienced a significant surge in trading volumes, skyrocketing by 170% even as the market faced a significant sell-off.
Cryptocurrencies tumbled deeper into a correction on Monday, with Bitcoin (BTC) dipping to near $60,000 and altcoins seeing even deeper pullbacks during the same period. The sudden pullback triggered over $281 million in liquidations of leveraged derivatives trading positions across all digital assets, CoinGlass data shows.
Out of this amount, over $259 million in crypto longs were liquidated in the past 24 hours as major tokens slid, some even as much as 10%. Despite the market's overall bearish sentiment, traders have flocked to XRP, driving its trading volumes higher. According to CoinMarketCap data, XRP's trading volume has surged by 170% in the last 24 hours, reaching $1.035 billion.
Tomiwabold OlajideThis surge in activity suggests that investors are either capitalizing on the volatility or positioning themselves for anticipated movements in XRP's price.
XRP price action
XRP's price fell 2.32% in the last 24 hours to $0.4766 at press time, as cryptocurrencies sold off at the start of the week. XRP opened Monday's trading session around $0.48 before falling to a low of $0.4638.
The crypto market's losses widened after its second-worst weekly decrease of 2024, reflecting lower demand for Bitcoin exchange-traded funds and monetary policy uncertainties emanating from concerns about the Federal Reserve's scope to decrease interest rates fast from a two-decade high. For some analysts, the decline in digital assets is a warning indication of the overall risk appetite.
Amid this, XRP was demonstrating lesser losses among the top 10, most of which saw losses between 4% and 6%.
Market analysts are closely monitoring XRP price movement as increased trading activity could signal investor positioning.
Godfrey Benjamin
