The broader cryptocurrency market is currently facing a substantial sell-off. Amid this volatility, XRP has seen a dramatic increase in trading volume, rising 103%.
The broader cryptocurrency market is currently facing a substantial sell-off. Amid this volatility, XRP has seen a dramatic increase in trading volume, rising 103%.
The current sell-off has been brutal for many cryptocurrencies, wiping out significant value in a short period. According to CoinGlass dataThe liquidation has resulted in settlements of $410 million in the last 24 hours, the highest total since mid-April.
based on CoinMarketCap According to 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 increase in volume, up 103%, reflects the growing attention to XRP amid broader market turmoil.
The entire cryptocurrency market plunged on Friday as investors assessed a strong nonfarm payrolls figure for May, raising concerns that the Federal Reserve will not cut interest rates as quickly as predicted. Nonfarm payrolls rose by 272,000 in May, up from 175,000 in April, beating an estimate of 190,000. The unemployment rate, however, rose to 4% for the first time since January 2022.
Many investors expected Friday’s report to show that the labor market and economy were slowing, persuading the Federal Reserve to ease monetary policy and lower interest rates.
Tomiwabold OlajideXRP fell sharply in the trading session on Friday 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 Federal Reserve is scheduled to meet next week, although rates are expected to remain stable both then and in July. CME figures reveal that traders are pricing in a 68% chance 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 declines may target the $0.4294 level as support in the near term.
