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XRP Skyrockets 30% in Volume as $30 Billion Market Cap Nears

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Mon, 27/05/2024 - 12:47
XRP Skyrockets 30% in Volume as $30 Billion Market Cap Nears
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The trading volume of the popular cryptocurrency XRP, as reported by CoinMarketCap, has increased by 30% over the past day, reaching $794 million. This figure represents only the spot market. 

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Meanwhile, according to CoinGlass, the volume of XRP derivatives trading, namely perpetual futures, has grown by 11.29% over the past 24 hours, reaching $608.21 million. Consequently, the total trading volume of XRP during the period under review can be estimated at $1.4 billion.

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The rise in XRP trading volumes coincides with the popular cryptocurrency approaching the important $30 billion mark in market capitalization. The figure currently stands at $29.32 billion, with XRP just 2.26% short of the token's price growth to the key mark. 

It is noteworthy that XRP has already reached this threshold on a single occasion. There were also precedents a week ago and earlier in the month. However, the popular cryptocurrency failed to gain a foothold above this mark.

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XRP's Market Cap by CoinMarketCap

The growth of trade volume is indicative of increased interest from market participants. However, the ratio of market capitalization to trading volume is 4.66% at the moment, which is within the normal range of activity. 

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As XRP's market capitalization surpasses $30 billion, the token may potentially rank among the top 600 largest entities in the world. Will XRP, with renewed interest from market participants, finally succeed in establishing itself above the significant mark? The answer is imminent.

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