Market

XRP Skyrockets 91% in Volume as XRP Price Goes Wild

Mon, 6/05/2024 – 16:09

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In an electrifying turn of events on the crypto market, XRP, one of the market’s key players, has witnessed an astonishing surge in trading volume, skyrocketing by an impressive 91% over the course of just 24 hours. 

Advertisement

According to data from CoinGlass, derivatives alone contributed $878.13 million to this surge, while spot markets added an additional $932 million, marking a notable 68.56% increase from the previous day.

Against a backdrop of heightened market volatility, XRP’s price exhibited considerable fluctuations, fluctuating by over 3.5%, declining by 4.2% and subsequently rebounding by 1.34%. Analysts attribute this volatility to ongoing legal proceedings between Ripple and the SEC, with today marking the deadline for the regulator to respond to Ripple’s proposed solutions on the remedies issue.

XRP to USD by CoinMarketCap

Furthermore, the recent market downturn, triggered by news of Robinhood receiving a Wells Notice from the SEC regarding its crypto operations, has added another layer of complexity to XRP’s wild ride. The Wells Notice serves as a harbinger of potential legal action by the SEC against the popular trading platform, casting a shadow of apprehension over the entire crypto landscape.

Despite these fluctuations, XRP’s market capitalization remains stable at $29.43 billion, translating to a trading volume-to-market cap ratio of 6.15%. While indicative of heightened trading activity, this ratio suggests that XRP’s performance, while significant, is not unprecedented.

As investors brace for further developments in both the regulatory and market fronts, all eyes remain fixated on XRP, poised at the epicenter of this whirlwind of fear, greed and volatility.

SOURCE

Leave a Comment

HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP HdP