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XRP Surges 103% in Volume as Market Faces $410 Million Sell-Off

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Sat, 8/06/2024 - 13:56
XRP Surges 103% in Volume as Market Faces $410 Million Sell-Off
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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%.

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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.

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XRP/USD Daily Chart: TradingView

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.

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XRP 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.

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