XRP Trading Volume Surge by Over 68%, But Don’t Get Excited

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XRP Trading Volume Surge by Over 68%, But Don’t Get Excited

Last updated on May 18th, 2024 at 12:21 pm

Recent data shows a surge of over 68% in XRP trading volume in the last 24 hours, but its price tells a different story. One of the largest cryptocurrencies by market cap, XRP, has witnessed a spike in its trading activity over the last day.

According to data from CoinGlass, there has been an increase in XRP derivative trading. The data show that the volume has increased by a significant 68.2%, totaling $867.89 million in the last 24 hours.

Furthermore, CoinMarketCap data shows that the 24-hour spot market trading volume for XRP has grown to $837.35 million. Consequently, the combined trading volume has surpassed the $1 billion mark. The growth underscores a renewed interest in the trending cryptocurrency.

XRP price takes a nosedive

Meanwhile, the price of XRP over the last day does not reflect the growing volume of the asset as the price trajectory tells a different story. Amid the spiking trading volume, a staggering amount of XRP tokens have been liquidated.

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Per CoinGlass data, almost $190k worth of XRP positions have been liquidated in the last four hours. Also, more than $860,000 XRP positions have been liquidated over the last 24 hours. Significantly, 99.4% of these liquidations are short.

The reason for this can be attributed to the recent decline in the price of the token. Following resistance around approximately $0.535, XRP has had difficulty maintaining its upward trajectory.

Even though XRP had a small increase in price on Saturday—it went up by just over 2.5%—the price has since declined, indicating that there is currently a bearish feeling in the market. As a result, the future price movement of XRP remains uncertain as the existing market trend suggests bearish sentiment.

XRP price today

According to live data from Coinstats, the price of XRP today is $0.517, representing a 2.84% drop in the last 24 hours. Furthermore, XRP maintains its position as the 6th largest cryptocurrency with a market cap of $28 billion.

Notably, while the increase in trading volume of XRP may appear promising, the bearish sentiment surrounding the asset says otherwise.

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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.