- XRP trading volume has surged by 30% in the past day, reaching $794 million in the spot market.
- Additionally, XRP derivatives trading has grown by 11.29%, totaling $608.21 million in perpetual futures.
- “The rise in XRP trading volumes coincides with the cryptocurrency approaching the important $30 billion mark in market capitalization,” experts noted.
XRP trading volume surges by 30%, nearing $30 billion market cap milestone. Discover the latest developments and insights in the crypto market.
XRP Trading Volume Surges by 30%
The trading volume of XRP, a popular cryptocurrency, has experienced a significant increase of 30% over the past day, reaching an impressive $794 million. This figure represents the spot market alone, indicating a heightened interest from market participants in XRP trading activities.
Growth in XRP Derivatives Trading
Meanwhile, XRP derivatives trading, particularly perpetual futures, has also seen substantial growth. Over the past 24 hours, the volume of XRP derivatives trading has risen by 11.29%, amounting to $608.21 million. Consequently, the total trading volume of XRP during this period can be estimated at approximately $1.4 billion. This surge in trading activity highlights the increasing interest and engagement of traders in the XRP market.
XRP Approaching $30 Billion Market Capitalization
The rise in XRP trading volumes coincides with the cryptocurrency approaching the significant $30 billion mark in market capitalization. Currently, XRP’s market cap stands at $29.32 billion, just 2.26% short of reaching this key milestone. It is noteworthy that XRP has previously reached this threshold on a few occasions, including instances earlier this month. However, the cryptocurrency has struggled to maintain a foothold above this mark.
Market Participants’ Increased Interest
The growth in trade volume is indicative of increased interest from market participants. The ratio of market capitalization to trading volume is currently at 4.66%, which is within the normal range of activity. This suggests that the recent surge in trading volume is driven by genuine market interest rather than speculative trading.
Conclusion
As XRP’s market capitalization approaches the $30 billion mark, the cryptocurrency is on the verge of ranking among the top 600 largest entities in the world. With renewed interest from market participants, the question remains whether XRP will finally succeed in establishing itself above this significant milestone. The coming days will be crucial in determining the future trajectory of XRP in the crypto market.
