According to Nomics, XRP's total trading volume on all of the cryptocurrency exchanges on which it is listed has risen by nearly 30% in the past 24 hours. The figure currently stands at $2.2 billion, representing 11.7% of the token's current market capitalization. It is also worth adding that XRP's trading volume is the highest of any altcoin in the top 10 by market capitalization, with the exception of Ethereum (ETH).
It is equally important to note that the double-digit growth in XRP trading volumes comes amid the release of crucial macroeconomic data on U.S. consumer inflation. As many may have noticed in the run-up to this data, there has been euphoria on the markets, and on the crypto market in particular.
What's up with the Fed?
Economists and forecasters expected a decline in inflation, which the Fed has been struggling with for the last year by 60 percentage points to 6.5%. That is exactly what happened. As for now, the sentiment is that the surrender of inflation will convince the monetary regulator to slow down with the increase of the Fed rate, which in turn will give the markets the opportunity to "take a breath."
In the time following the release of the report, if it is received positively, the sense of euphoria may increase further, and trading volumes will begin to come alive as they are now with XRP. However, given the ambiguity of the macroeconomic situation, excessive joy could quickly be punished.