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The broader cryptocurrency market is currently facing a substantial sell-off. Amid this volatility, XRP has seen a dramatic surge in trading volume, rising by 103%.
The current sell-off has been brutal for many cryptocurrencies, wiping out significant value in a short span. According to CoinGlass data, the sell-off has resulted in $410 million in liquidations in the last 24 hours, the highest total since mid-April.
Based on CoinMarketCap data, XRP trading volume has more than doubled in the last 24 hours, reaching $2.21 billion, showing increased interest and activity among traders. This surge in volume, up by 103%, reflects the increasing attention on XRP amid broader market turmoil.
The entire crypto market tumbled on Friday as investors assessed a strong non-farm payrolls number for May raising concerns that the Federal Reserve may not lower interest rates as fast as predicted. Non-farm payrolls increased by 272,000 in May, up from 175,000 in April, surpassing an estimated 190,000. The unemployment rate, however, rose to 4% for the first time since January 2022.
Many investors had hoped that Friday's report would show that the job market and economy were slowing, persuading the Fed to ease monetary policy and lower interest rates.
Tomiwabold OlajideXRP fell drastically in Friday's trading session due to macroeconomic developments, reaching lows of $0.454 before recovering marginally.
At the time of writing, XRP was down 5.65% in the last 24 hours to $0.4967.
The Fed is scheduled to meet next week, although rates are widely expected to remain steady both then and in July. CME figures reveal that traders are pricing in a 68% possibility of a rate cut in September.
In the immediate term, a break above the daily moving averages of 50 and 200, around $0.524 and $0.576, could imply a positive rebound. Meanwhile, further falls may target the $0.4294 level as support in the short term.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin