XRP Witnesses 68% Volume Surge as XRP Price Turns to the Bearish Side

XRP Witnesses 68% Volume Surge as XRP Price Turns to the Bearish Side

Recent data from glass coin indicates a notable uptick in XRP derivatives trading, with a significant 68.2% increase seen in the last 24 hours, totaling $867.89 million. This increase in trading activity is complemented by data from CoinMarketCap of a 24-hour spot market volume for XRP reaching $837.35 million.

Recent data from glass coin indicates a notable uptick in XRP derivatives trading, with a significant 68.2% increase seen in the last 24 hours, totaling $867.89 million. This increase in trading activity is complemented by data from CoinMarketCap of a 24-hour spot market volume for XRP reaching $837.35 million.

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As a result, XRP’s combined trading volume has surpassed the $1 billion mark, reflecting a resurgence of interest in this particular digital asset.

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However, despite the apparent increase in trading volume, XRP’s price trajectory tells a more nuanced story. During the last four hours, amid increased commercial activity, XRP has been found among the top liquidated assets in the crypto market.

Approximately $190,000 worth of XRP positions were liquidated during this period, with an overwhelming 99.4% of these liquidations representing long positions.

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XRP to USD by CoinMarketCap

The main factor influencing this imbalance is the recent fall in XRP price. After encountering resistance around $0.535, XRP has struggled to maintain bullish momentum. While modest gains were recorded on Saturday, with the price of XRP rising just over 2.5%, the following days saw a slowdown, indicating that bearish sentiment prevails in the market.

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Looking ahead, XRP’s future trajectory remains uncertain. However, prevailing market trends suggest a continuation of the bearish sentiment. The recent price action underscores this outlook, indicating a market that is heading lower.

In summary, while the increase in trading volume may initially appear promising for XRP, the simultaneous bearish price movement presents a nuanced outlook.

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