Last updated on May 18th, 2024 at 12:24 pm
XRP is currently making major moves in the market as its trading volume has surged by more than 100% in the last day. The fifth-largest cryptocurrency by market cap is currently experiencing bullish sentiments.
For context, trading volume refers to the amount of trading activity on a given digital asset. It is the record of the purchase and sale of each crypto asset within a given time. This detail might entail the confidence of investors in the token.
According to live data from Coinglass, XRP has a trading volume of $925.30 million in the last 24 hours. This signifies a 104% increase in the volume over the last day.
Per the data, the XRP/USDT pair on Binance accounts for the largest chunk of the total volume traded. The trade volume on Binance over the mentioned period is $436.98 million which signifies a 91.58% surge in the trade volume.
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Bybit exchange comes in second with a total of $128.1 million in trade volume, translating to over 135% increase in volume traded on the platform.
Source: Coinglass
As XRP traders await the next bullish run, the increase in the tokens trade volume underscores investors’ current sentiment. More insight is provided in the coins futures long/short ratio.
Cryptocurrency futures’ long/short ratio can be seen as a calculation that shows the number of long positions against the short positions of a specific asset. It is a sentiment analysis indicator that expresses the views and actions of traders.
Consequently, when there is a high ratio, it indicates a bullish market sentiment. On the other hand, a low ratio signifies a bearish market sentiment. Following this definition, the first and second exchanges with the largest chunk, Binance, and Bybit have a positive long/short ratio on the XRP/USDT pair, standing at 1.0024 and 1.0190 respectively.
XRP price today
According to live data from Coinstats, XRP is currently trading at $0.50. The price is up 1.25% in the last 24 hours. What’s more, XRP is ranked #5 on the global crypto market with a live market cap of $26,889,325,512 ($26 billion).
With the growth in its trading volume, XRP price is expected to make a significant move in the coming days, either positively or negatively. Finally, XRP has a circulating supply of 53,175,400,720 (53 billion) tokens.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.