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Matthew Dixon, the CEO of AI-based crypto evaluation platform Evai, has stated that $XRP could soon pull a surprising stunt based on recently observed on-chain data.
In a recent update shared by Dixon, Evai’s platform detected a substantial surge in $XRP’s trading volume. He interprets this data as indicative of significant underlying interest in $XRP. Dixon speculates that this could lead to a typical surge in $XRP’s value, advising market participants to brace themselves for a surprise.
“We should get that typical $XRP explosion higher at some point. Be ready to be surprised,” Dixon remarked.
Massively increased trading volume on #$XRP as shown by the #Evai Rating platform, tells me that there is serious interest bubbling away and we should get that typical $XRP explosion higher at some point – Be ready to be surprised IMO#Evai pic.twitter.com/QAgWr9xr4v
— Matthew Dixon – CEO Evai (@mdtrade) April 5, 2024
$XRP Records $2.15B Volume in One Day
The accompanying chart reveals that $XRP’s 24-hour trading volume stood at $2,149,106,406 as of April 5. This figure marked a significant 41.93% increase compared to what was obtainable the previous day.
Meanwhile, updated records from CoinMarketCap indicate that $XRP has witnessed a 24-hour trading volume of $938 million at press time. Cumulatively, the asset has seen a trading volume of $11.94 billion over the past seven days.
Remarkably, $XRP reached the $2.15 billion trading volume milestone on Friday following Ripple’s announcement of its pivot into the $150 billion stablecoin market. According to the disclosure, the firm plans to launch a stablecoin on the $XRP Ledger (XRPL) and Ethereum.
Expectedly, the announcement sparked a mild rally in $XRP’s price, surging to $0.61. However, $XRP retracted below the $0.6 threshold shortly after, invalidating the swift gains.
Nonetheless, Matthew Dixon believes the recorded $2.15 billion volume strongly indicates that $XRP could be going on an explosive rally with the increased interest in the asset. Other industry pundits like Rob Cunningham have expressed similar bullish commentary on $XRP amid the recent developments.
Specifically, Cunningham voiced that $XRP could be on a path to $12, factoring in the projected $2.8 trillion size of the stablecoin market Ripple has entered. Yet other experts, like Panos Mekras of Anodos Finance, have disagreed with the projection.