Main navigation

XRP Stirs New Intrigue as Key Metrics Go Parabolic

Fri, 09/01/2023 - 16:30
article image
Godfrey Benjamin
XRP makes crucial recovery in its trading volume
XRP Stirs New Intrigue as Key Metrics Go Parabolic
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

With the crypto market opening into September with a high level of curiosity among the market makers, XRP has notably made an impressive leap in its trading volume halfway into the trading day. According to data from CoinMarketCap, XRP has printed a sudden 35.74% growth in its trading volume, which is now pegged at $1.158 billion.

XRP Metric Shows Jaw-Dropping 9x Growth, Here's What It Is

This impressive leap is a testament that XRP bulls are getting a unique buy-up trigger at this time that is fueling the run-up in accumulated volume. The potential upside for the XRP price in the short term is presumably high, a positioning that is implied from the possibility that the acquired XRP might be for storage, which will notably reduce the total coins in circulation.

XRP has a lot of positive incentives that have the potential to drive users' interest at this time. 

As the primary subject of the lawsuit between the blockchain payments firm, Ripple Labs Inc and the United States Securities and Exchange Commission (SEC), it is primed in such a way that its future is no longer uncertain after Judge Analisa Torres ruled that its trading on exchanges does not constitute an investment security.

Growing XRP ecosystem

Since the historic ruling, XRP has been the focus of interest for many emerging protocols in the digital currency ecosystem. With its luster, more projects are now making their way onto the XRPL, the smart contracts hub of the Ripple ecosystem.

XRP Airdrop Snapshot Completed, Here's What's Next for Holders

Though the evolution of the XRPL is still in its infancy, users are beginning to warm up to the protocol. As reported by U.Today, a recent XRP snapshot was completed. The snapshot, which was taken at Ledger "#82237135" on the XRP mainnet is necessary for the impending distribution of the EVRS token.

This appreciation is essential and might explain why more users are bullish on the protocol at the time of writing.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.