As a seasoned analyst with over a decade of experience in the volatile and ever-evolving world of cryptocurrencies, I find myself intrigued by the recent surge in XRP trading volumes. The market’s resilience after the $225 million sell-off is a testament to its ability to bounce back, much like a phoenix rising from the ashes.
The seventh most valuable cryptocurrency, XRP, has experienced a surge in trading activity, with volumes rising by 54%, as the broader cryptocurrency market strives to bounce back following a massive sell-off worth $225 million.
In the previous 24 hours, there was a massive $225 billion worth of crypto futures being closed due to market sell-offs that intensified over the weekend. Simultaneously, around $133 million in long positions were liquidated as Bitcoin plummeted to $67,444, causing significant losses among major cryptocurrencies.
Based on CoinMarketCap figures, the trading volume of XRP reached approximately $1.04 billion over the past 24 hours. This equates to around 2.03 billion units of XRP. This significant increase represents about 55% of the total volume. The spike in activity could potentially be attributed to an uptick in market involvement following a prolonged phase of strong selling pressure.
Currently, the wider cryptocurrency sector appears to be on the mend, as numerous digital currencies are back to trading positively. During Monday’s trading, Bitcoin even broke through the $69,000 mark.
The optimistic atmosphere is influencing XRP, causing an uptick in trades as people aim to profit from its rising trend. This surge in trading activity has, in turn, elevated the value of XRP. At the moment of writing, XRP had risen by 2.29%, and was being traded at approximately $0.512.
Highlights from Ripple‘s Q3 XRP market report
Ripple has just released their Quarter 3 XRP Market Report, offering insight into the current state of cryptocurrency markets and providing updates about significant developments related to the XRP Ledger and XRP. This report aims to promote transparency.
As a researcher delving into the latest developments, I can share that the report underscores the current status quo: XRP continues to be regarded as non-security according to the law. In response to the Securities and Exchange Commission’s (SEC) appeal, Ripple submitted its Form C, a move that does not challenge the classification of XRP as a security. It’s essential to note that the ongoing legal tussle between Ripple and the SEC seems to have a substantial impact on the fluctuations in the price of XRP.
It appears that three entities – Bitwise, Canary, and 21Shares – have submitted applications (S-1s) to launch Exchange Traded Funds (ETFs) focused on XRP. This suggests a robust institutional desire for XRP investment opportunities.
The foremost distributor, Grayscale, has introduced an XRP Trust and applied for the transformation of a mixed-coin investment fund containing XRP into an Exchange-Traded Fund (ETF).
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2024-11-04 19:58