The surge in XRP trading volume has been significant, with multiple sources reporting substantial increases over a short period. On March 19, 2024, CoinMarketCap data revealed an increase in XRP’s trading volume by 130% to over $4 billion within 24 hours.
This surge occurred amidst a general market downturn, where XRP’s trading volume increase helped offset some losses experienced by other assets. Despite a slight decrease in XRP’s price to $0.605, the asset remained in the green over the last month, showing an increase of more than 8%.
Market Developments Trigger Spike
One of the key drivers behind this uptick in trading volume is a favorable court ruling between the US Securities and Exchange Commission and Ripple Labs. This ruling provided much-needed regulatory clarity for XRP, leading to major exchanges like Coinbase, Kraken, Bitstamp, and Binance.US either relisting or announcing plans to resume trading with XRP.
The increase in trading volume also reflects an uptick in investor enthusiasm for XRP. The trading volume spike, which at one point constituted over 22% of XRP’s market capitalization, indicates a strong wave of interest and confidence among investors. Additionally, an impressive price rally in XRP, with the price soaring by nearly 100% at one point, further fueled trading activity as investors capitalized on the price movement.
The reopening or relisting of XRP on major exchanges post-court ruling played a pivotal role in boosting trading volume. Exchanges like Coinbase, Kraken, Bitstamp, and Binance.US reopening XRP trading provided traders with increased opportunities, contributing to the boost in overall trading volume.
In the past week, the price of XRP has experienced notable fluctuations, reflecting a mix of ups and downs in the cryptocurrency market.
According to Coinbase, XRP’s price has seen a 3% decrease in the last 24 hours and a significant 17% decline over the past week. This downward trend indicates a challenging week for XRP investors as the price struggled to maintain its position.
Varied Price Data From Different SourcesOn the other hand, YCharts data presents a slightly different picture, indicating an XRP price of 0.6539 USD on March 19, 2024. This figure represents a 5.61% increase from the previous day and a significant 68% uptick from one year ago, showcasing a more positive outlook for XRP in the long term.
Investors and traders are closely monitoring XRP’s development as it works through the uncertainty in the market. A break below the 200-day moving average at $0.57 could be the first sign of impending market decline.
Featured image from iStock, chart from TradingView
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