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In an electrifying turn of events on the crypto market, XRP, one of the market's key players, has witnessed an astonishing surge in trading volume, skyrocketing by an impressive 91% over the course of just 24 hours.
According to data from CoinGlass, derivatives alone contributed $878.13 million to this surge, while spot markets added an additional $932 million, marking a notable 68.56% increase from the previous day.
Tomiwabold OlajideAgainst a backdrop of heightened market volatility, XRP's price exhibited considerable fluctuations, fluctuating by over 3.5%, declining by 4.2% and subsequently rebounding by 1.34%. Analysts attribute this volatility to ongoing legal proceedings between Ripple and the SEC, with today marking the deadline for the regulator to respond to Ripple's proposed solutions on the remedies issue.
Furthermore, the recent market downturn, triggered by news of Robinhood receiving a Wells Notice from the SEC regarding its crypto operations, has added another layer of complexity to XRP's wild ride. The Wells Notice serves as a harbinger of potential legal action by the SEC against the popular trading platform, casting a shadow of apprehension over the entire crypto landscape.
Despite these fluctuations, XRP's market capitalization remains stable at $29.43 billion, translating to a trading volume-to-market cap ratio of 6.15%. While indicative of heightened trading activity, this ratio suggests that XRP's performance, while significant, is not unprecedented.
Yuri MolchanAs investors brace for further developments in both the regulatory and market fronts, all eyes remain fixated on XRP, poised at the epicenter of this whirlwind of fear, greed and volatility.
Yuri Molchan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin