XRP Volume Skyrockets 81% Amid $504 Million Market Sell-off

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. The past 24 hours have been a rollercoaster ride for the crypto market, but XRP seems to be bucking the trend.

Over the past day, the trading volume of XRP has surged by 81% due to a widespread sell-off in the crypto market, which triggered approximately $504 million worth of futures contracts being liquidated.

Market sentiment turned bearish as markets digested recent comments from Fed Chair Jerome Powell on the path for interest rate cuts, leading to a wave of selling pressure across various cryptocurrencies. Profit-taking following recent market gains and liquidations of leveraged positions may have also contributed to the sell-off.

Based on information from CoinGlass, a significant amount of around $504 million was wiped out (liquidated) in crypto futures trading over the last day. Out of this total, roughly $358 million came from long position holders.

As a researcher studying cryptocurrencies, I’m excited to report that Ripple (XRP) has managed to buck the prevailing bearish trend, recording an impressive surge of 16% over the past 24 hours, pushing its value up to $0.822. Moreover, if we look at the weekly chart, XRP has demonstrated a substantial 50% growth since the start of this week.

Per CoinMarketCap’s data, the trading volume of XRP surged by approximately 86% over the past 24 hours, reaching a staggering $11.70 billion (or equivalently, 14.23 billion units), as traders capitalized on the recent fluctuations in its price value.

Positive developments in XRP Ledger ecosystem

The increase in XRP’s price and trading activity over the past while can be attributed to encouraging advancements within the XRP Ledger community, such as large investors buying up more XRP.

In simple terms, Societe Generale-Forge, a division focusing on digital assets within the French banking behemoth SocieteGenerale, plans to debut its EURCV stablecoin on the XRP Ledger in 2025. This launch will be backed by Ripple Custody, which will manage the integration process.

After Ethereum and Solana, Societe Generale-FORGE has revealed intentions to introduce its MiCA-compliant stablecoin EURCV on the XRP Ledger (XRPL) as part of an effort to boost usage. This multi-platform strategy is set to debut in 2025, subject to completion of final technical connections. The EURCV will be distributed on XRPL utilizing Ripple Custody services.

A substantial increase has occurred in the concentration of whale-held XRP, as these digital wallets containing over one million XRP now collectively possess approximately 45.61 billion tokens, which is the maximum since June 2018.

As per Santiment’s analysis, whales and sharks have switched their course over the last two years, amassing approximately 3.44 billion more XRP, representing an increase of 8.16%. This has brought a favorable 40% return on XRP prices for traders in the past week.

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2024-11-15 17:35