According CoinMarketCap According to data, XRP has seen a significant increase in trading volumes, soaring by 170% even as the market faced a significant sell-off.
According CoinMarketCap According to the data, XRP has seen a significant increase in trading volumes, soaring 170% even as the market faced a significant sell-off.
Cryptocurrencies fell further in a correction on Monday, with Bitcoin (BTC) falling to near $60,000 and altcoins experiencing even deeper pullbacks over the same period. The sudden pullback triggered more than $281 million in liquidations of leveraged derivatives trading positions across digital assets, CoinGlass data shows.
Of this amount, over $259 million in long cryptocurrencies were liquidated in the last 24 hours as major tokens fell, some even as much as 10%. Despite the overall bearish market sentiment, traders have flocked to XRP, increasing their trading volumes. According to CoinMarketCap dataXRP trading volume has increased by 170% in the last 24 hours, reaching $1.035 billion.
Tomiwabold OlajideThis increase in activity suggests that investors are capitalizing on volatility or positioning for anticipated movements in the price of XRP.
XRP Price Action
XRP price fell 2.32% over the past 24 hours to $0.4766 at the time of writing as the cryptocurrency sold off at the start of the week. XRP opened Monday’s trading session around $0.48 before falling to a low of $0.4638.
Crypto market losses widened after its second-worst weekly decline of 2024, reflecting weaker demand for Bitcoin exchange-traded funds and monetary policy uncertainties emanating from concerns about the Federal Reserve’s scope to quickly taper interest rates from a two-decade high. For some analysts, the decline in digital assets is a warning sign of general risk appetite.
Amid this, XRP was demonstrating minor losses among the top 10, most of which recorded losses between 4% and 6%.
Market analysts are closely monitoring the price movement of XRP as increased trading activity could indicate investor positioning.
