As a significant development XRP coinexperienced a staggering 108% increase in trading volume amid a widespread $400 million sell-off in the cryptocurrency market.
Data from CoinGecko shows that XRP’s trading volume more than doubled compared to the previous day, rising by 108%. This increase in transaction volume means that investors are both crypto- It comes at a critical time in the digital asset space, as the market reacts to a mix of news both in and outside the market.
The past 24 hours have witnessed notable developments for the crypto market. After much speculation, the US Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs to list on exchanges.
Additionally, Coinbase rejoiced the XRP community by reopening XRP trading in New York. Paul Grewal, Coinbase’s chief legal officer, announced that customers in New York will be able to trade XRP on the crypto exchange again. “XRP trading on Coinbase is available again in NY. We heard you and have worked in strong partnership with the state. And now it can be promised – we are back,” Grewal said in the social media post. he said. This news is of great importance, considering that Coinbase is the crypto exchange that contributes the most to XRP volumes after Binance.
XRP Coin Price Analysis
However, the crypto market had an unexpected reaction to the recent news and a sell-off occurred with nearly $400 million worth of crypto liquidated. Bitcoin and the price of Ethereum, as well as some other cryptocurrencies such as XRP, also dropped. According to CoinGecko data, at the time of writing this news, XRP fell by 0.32% to $ 0.526 in the last 24 hours. During the same time period, XRP’s trading volume increased by 104%, reaching $2.316 billion.
Along with increased trading volume, XRP’s price has remained relatively stable in the face of the broader market downturn. While many cryptocurrencies experienced significant price declines, XRP showed fewer losses, indicating strong support levels and investor confidence.
XRP’s performance will be closely monitored by traders and investors in the coming days as the market reacts to both internal and external influences. This attention will enable XRP to be an important indicator of current dynamics and potential future movements in the market.
This content is in XRP Coin. These Metrics Increased by 108%: Here is the Reaction of the Price! was first published on KoinFinans.