XRP Sees Unusual 111% Volume Boost Amid Slipping Prices

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In the recent wave of sell-offs among altcoins, XRP was included, resulting in over $698 million being wiped out from the market. As reported by CoinGlass, XRP is one of the coins that experienced significant liquidation in the last 24 hours, amounting to approximately $16.88 million. Despite these losses, XRP has shown a highly optimistic volume forecast for the future.

XRP traders get active as price offers discount

Currently, as I type, XRP’s value stood firm at approximately $2.321, representing a decrease of 6.39% within the last 24 hours. Contrary to what one might expect, this price drop seemed to stimulate rather than deter traders. According to CoinMarketCap, the trading activity skyrocketed by an impressive 111%, resulting in a substantial $8.81 billion in dollar value.

This unexpected development demonstrates that there’s sufficient liquidity available in the XRP market to meet the demands of both futures and individual traders. Interestingly, this surge in trading activity could potentially act as a catalyst, propelling an upward trend in the XRP price.

For the last month, XRP has been a significant contributor to the ongoing altcoin competition. Over the past week alone, this coin has increased by approximately 10.3%. Despite this, it has still managed to reduce its monthly losses, now standing at 2.8%.

Based on recent trading patterns, it seems likely that the cost of XRP could see an increase in the near future, as other aspects of its ecosystem also appear to be fostering growth.

RLUSD stablecoin factor

After the introduction of the RLUSD stablecoin, there’s been a significant rise in focus on liquidity for XRP trading within the XRP Ledger. Even though the market capitalization of the stablecoin is yet to surpass $100 million, its daily trading volumes, as reported by market data aggregators, have experienced an increase of over 290%.

Apart from the RLUSD factor, large XRP investors (often referred to as ‘whales’) are also actively trading, indicating a broad appeal of the coin across various market sectors. Collectively, these activities within the XRP Ledger ecosystem suggest a strong, long-term potential for an increase in the XRP price, according to industry experts.

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2025-01-08 13:35