25 April, 2024

XRP’s Trading Volume Reaches 2 Million Per Minute As It Retakes $0.80

19 Jul, 2023

26 Oct, 2023

XRP, the world’s fourth-largest cryptocurrency by market capitalization, retook the $0.80 price level earlier today. The fourteen-month high price level was initially achieved last week following the summary judgment motion in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

A crypto influencer called Crusader took to Twitter earlier today to share the latest XRP metrics:

According to Crypto Crusader, the recent rally in XRP’s price had led to panic among XRP bears who were betting on downward price action for the cryptocurrency. The influencer stated that more than 2 million XRP were being traded per minute. Judging by XRP’s daily trading volume of nearly $3.5 billion, it was evident that more than 4.4 billion XRP had changed hands over the past 24 hours, leading to a trading volume of nearly 3 million XRP every minute.

Crypto Crusader highlighted that XRP was the top trending cryptocurrency on crypto analytics platform CoinMarketCap. At the time of writing, XRP was trading at $0.79, up nearly 5% over the past 24 hours. The cryptocurrency had witnessed a 47% increase in its daily trading volume. Meanwhile, its market capitalization stood at a whopping $41 billion.

The partial win for Ripple following the summary judgment by federal judge Analisa Torres last week, triggered a significant rally for XRP. The cryptocurrency surged more than 76% within a matter of hours, going from $0.46 to a fourteen-month high of $0.82. The price has since subsided but managed to maintain around $0.72.

Crypto Crusader told his followers that XRP’s momentum would carry on and that its price would continue to rise. Data from Coinglass showed that the total open interest on XRP perpetual futures went up by 18.14% on centralized exchanges over the past 24 hours. Meanwhile, XRP’s 24-hour liquidations came in at over $72,000.


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