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5.1 Billion XRP Traded in 24 Hours Despite Market Slump

Tue, 18/06/2024 – 8:58

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XRP is showing strength on the market at a time when the majority of digital currencies are battling sell-offs. The price of XRP is showing unusual growth in an epic decoupling from the mildly bearish performance of Bitcoin (BTC). While Bitcoin is down 0.88% to $65,638, XRP has rallied 2.39% in 24 hours to $0.4997.

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XRP 1D Chart. Source: CoinMarketCap

XRP volume boost

There is an unusually bullish push within the XRP ecosystem. While the source of this positive sentiment remains unknown, it has triggered a massive buying spree among traders.

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Data from CoinMarketCap shows that the XRP trading volume has jumped by 202% in the past 24 hours to $2,569,261,126. This heightened trading sentiment shows that a total of 5,141,607,216.33 XRP has been traded in 24 hours.

XRP is known as the digital currency with a relatively conservative growth pace. Recording a triple digital boost in volume might imply renewed interest is making its way into the community. As it stands, the only major update from Ripple Labs is in line with its forthcoming stablecoin launch.

While this poses a milder threat to XRP’s status as a cross-border payment token, analysts believe the coin has a lot to gain from this product.

XRP and proper positioning

Though it remains unknown whether XRP can sustain its ongoing bullish push, the coin is positioning for a massive rally ahead. With the Ripple versus SEC lawsuit nearing its end, analysts believe the major growth inhibitor associated with XRP is set to come to an end soon.

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The evolution of XRP Ledger (XRPL) is also a major factor to watch out for. With more avenues to put XRP to good use by holders, the demand side can be satisfied, driving more volume and a potentially more bullish price surge in the long term.

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