The market is frantic today as different indices point to the return of the bull market. Bitcoin soared more than 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with an 18.46% rise to $3,664.23, while XRP leap 6.23% to $0.5387.
The market is frantic today as different indices point to the return of the bull market. Bitcoin soared more than 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with an 18.46% rise to $3,664.23, while XRP leap 6.23% to $0.5387.
Three billion random XRP
With the revived market, XRP has recorded a significant jump in several of its key metrics, including trading volume. At the time of writing, the trading volume has increased by a whopping 121% to $1,660,168,987.
Mushumir to the fullestBased on this count, it means that a total of 3,085,815,960 XRP have been traded in the last 24 hours. This number is quite impressive as it shows that XRP has enough liquidity to meet the growing market demand on the largest exchanges. This access to liquidity is important for the price of XRP to reach its long-term target level of around $1.
When demand increases and there is XRP liquidity to match it, market equilibrium is maintained and price action can take its natural course. XRP has benefited from both whale action and Ripple escrow intervention in recent times.
All of these factors have contributed to the digital currency’s sustained price resistance.
Key catalyst that moves the market
The market was in its prolonged consolidation phase until the trend changed yesterday, following the news that the approval odds for the Ethereum spot ETF increased from 25% to 75%.
Alex DovbnyaWithout foreseeing this 180-degree turn, the United States Securities and Exchange Commission (SEC) has opened communications with key Ethereum ETF applicants in a move that could lead to approval of the product.
In particular, Ethereum ETF sentiment is driving market sentiment, and XRP is positively riding the wave.
