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XRP, the sixth-largest digital asset, has experienced a surge in trading volume, witnessing a staggering 88% increase.
According to CoinMarketCap data, XRP's 24-hour trading volume is higher at 87.90%, amounting to $1.56 billion worth of trades.
This significant uptick in trading activity comes as bullish sentiment revives across the cryptocurrency market, signaling renewed investor interest and optimism.
With Bitcoin and other major cryptocurrencies enjoying price increases and reclaiming prior price levels, confidence in the market's bullish momentum has been reignited, spurring increased activity across the board.
Bitcoin, the first and largest cryptocurrency by market value, extended its comeback from the weekend, reaching an intraday high of $72,624 — its highest level since April 1. XRP tracked Bitcoin's price action, trading in the green at press time.
XRP extended its recovery from its April 5 low of $0.569 into the third day. Taken from this date, XRP will mark its third consecutive day of gains if today closes in the green. At the time of writing, XRP was up 2.27% in the last 24 hours to $0.617, having reached intraday highs of $0.611.
Tomiwabold OlajideEyes are currently on the possibility of a substantial break above the daily MA 50 at $0.609, which might initiate a fresh rally for the XRP price, with targets at $0.645 and $0.662.
Market sentiment booms, but there's a catch
According to CoinShares, digital asset investment products had strong bullish sentiment last week, with inflows totaling $646 million. Year-to-date inflows of $13.8 billion are at an all-time high, well exceeding the $10.6 billion recorded in 2021.
Bitcoin attracted the most inflows, totaling $663 million; XRP and Litecoin saw inflows of $0.1 million and $4.4 million, respectively.
Despite this, CoinShares noticed that appetite from ETF investors, which had previously triggered the market rally, was moderating, with weekly flow levels not reaching levels seen in early March, while volumes last week fell to $17.4 billion, down from $43 billion in the first week of March.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin