Last updated on October 31st, 2023 at 08:38 am
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 Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.