- The cryptocurrency market has witnessed a significant surge in XRP trading volume, marking a 108% increase amid a broader $400 million sell-off.
- This surge comes at a critical time as investors react to a mix of internal and external news affecting the digital asset space.
- Coinbase’s recent reopening of XRP trading in New York has been a notable development, with the platform’s chief legal officer, Paul Grewal, confirming the news on social media.
Discover the latest developments in the cryptocurrency market, including a significant surge in XRP trading volume and the reopening of XRP trading on Coinbase in New York.
XRP Trading Volume Surges Amid Market Sell-Off
In a noteworthy development, XRP has seen a staggering 108% increase in trading volume amid a broader $400 million sell-off in the cryptocurrency market. Data indicates that XRP’s trading volume more than doubled compared to the previous day. This surge in trading volume comes at a decisive time in the digital asset space, as investors react to a mix of news both within and outside the crypto market.
Coinbase Reopens XRP Trading in New York
The past 24 hours have been significant for the crypto market. Following much speculation, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs to be listed on their respective exchanges. Additionally, Coinbase reopened XRP trading in New York, much to the delight of the XRP community. Coinbase’s chief legal officer, Paul Grewal, announced that customers in New York could once again trade XRP on the crypto exchange. Grewal stated, “XRP trading on Coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out—we are back up.”
Market Reaction and Current Trends
This news remains significant given that Coinbase is the largest crypto exchange contributing to XRP volumes after Binance. However, the crypto market posted an unexpected reaction to the recent news, with the market currently experiencing a sell-off, resulting in roughly $400 million in crypto liquidations. Bitcoin and Ethereum, as well as several other cryptocurrencies such as XRP, have seen a decline in prices. At the time of writing, XRP was down 0.32% in the last 24 hours to $0.526. Despite the price drop, XRP trading volume increased by 104% during the same time frame, totaling $2.316 billion.
Conclusion
Along with the increased trading volume, XRP’s price has shown relative stability in the face of a broader market downturn. While many cryptocurrencies have seen significant price drops, XRP is depicting lesser losses, suggesting strong support levels and investor confidence. As the market reacts to both internal and external influences, XRP’s performance will be closely watched by traders and investors alike in the days ahead.
