During a period of substantial selling off and liquidations in the larger crypto market, XRP, the seventh largest cryptocurrency in terms of market value, experienced a remarkable increase of 156% in trading activity.
Based on information from CoinMarketCap, the trading volume for XRP jumped by 156% over the past 24 hours, reaching a total of $3.08 billion in transactions.
Over the weekend approach, cryptocurrencies experienced a decline due to increased caution in conventional markets, leading to larger drops for smaller digital currencies.
The significant market downturn led to the biggest liquidation event of the month, with over $930 million worth of leveraged derivative trades in digital assets being wiped out, as indicated by CoinGlass’ data. Approximately $800 million of these positions were long bets anticipating price growth and were taken by surprise due to the sudden market collapse.
XRP, being one of the oldest and well-established cryptocurrencies, remains a popular choice among traders and investors seeking to invest in digital assets. Within the last 24 hours, XRP has ranked as the second most actively traded asset on Upbit, South Korea’s leading cryptocurrency exchange, surpassed only by Bitcoin.
It is worth noting that the significant increase in XRP trading activity could be due to investors attempting to cash in on price fluctuations through speculative trading. The unpredictable nature of the cryptocurrency market provides numerous chances for making profits, and the spike in XRP volume may be a result of heightened market activity driven by this speculation.
In addition, the latest developments within the XRP Ledger community, specifically the forthcoming stablecoin debut and enhancements, may be a factor in the surge of XRP trading activity.
Great news: The proposal for enhancing the XRP Ledger’s decentralized finance (DeFi) features through a new native lending protocol is now open for comments and assessments.
The automatic market maker (AMM) bug fix for the XRP Ledger was effectively implemented, addressing an issue identified on March 23 involving an abnormal amount of LPTokens within an AMM pool.
In a blog article, Ripple‘s Vice President of Engineering for RippleX, Brad Chase, provides an intricate exploration of the problem, the chronology of resolving it, the consequences, the insights gained, and the continuous efforts to avoid such incidents from reoccurring.
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2024-04-13 17:43