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XRP Skyrockets 80% in Volume as Price Turns Green

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Mon, 8/07/2024 - 16:13
XRP Skyrockets 80% in Volume as Price Turns Green
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XRP, the seventh largest crypto by market cap, has seen a positive rise in trading volumes, skyrocketing by 80% as the crypto price turns green, signaling new interest and activity among traders and investors.

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Per CoinMarketCap data, XRP's trading volumes have skyrocketed by 86%, with a $1.41 billion value in amount of trades. This surge comes amid a backdrop of an ecosystem that has seen the value of XRP turn green, signaling a recovery for crypto.

The crypto ecosystem surprisingly posted a recovery, with several major coin prices turning positive. This follows after a serious fall in today's early crypto trading session, with Bitcoin close to the $54,000 price.

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XRP/USD Daily Chart, Courtesy: TradingView

XRP was no exception as it recovered after falling to a low of $0.403 in today's crypto trading session. While putting this analysis together, the XRP price had returned to trade in green, up 2% in the last 24 hours to $0.432.

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This increase in trading volume might show a major influx of buying and selling activity as the crypto market attempts a recovery.

Crypto market welcomes $441 million inflows

The sentiment on the market saw a sudden switch following the most recent data from CoinShares, which shows that inflows into cryptos remain surprising given the massive selling in the past week.

This implies that investors might have considered the price fall as a buying chance. In the week gone by, according to CoinShares, digital asset investment products saw inflows up to $441 million.

Bitcoin received $398 million in inflows, which unusually represented just 90% of total inflows as investors chose to invest across a much bigger set of altcoins.

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In the coming days, eyes are on XRP to gauge its next price movement amid the recent developments in the overall crypto market.

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