XRP Skyrockets 54% in Volumes as Market Recovers From $229 Million Sell-Off

$XRP, the seventh largest cryptocurrency by market cap, has seen an increase in trading volumes, skyrocketing by 54% as the cryptocurrency market aims to recover after a $225 million sell-off.

Crypto-tracked futures saw almost $225 billion in liquidations in the last 24 hours, as the market sell-off escalated over the weekend. Crypto futures saw almost $133 million in long liquidations in the last 24 hours, as Bitcoin's drop to lows of $67,444 resulted in losses among major tokens.

According to CoinMarketCap data, $XRP's trading volume amounted to $1.04 billion in the last 24 hours, or 2.03 billion $XRP representing a 55%. This surge in activity might have been due to increased market participation following a period of intense selling pressure.

The broader cryptocurrency market is currently showing signs of recovery, with several crypto assets returning to trade in green. Bitcoin surged past $69,000 during Monday's trading session.

This positive sentiment has spilled over into $XRP, driving up trading volumes as traders and investors seek to capitalize on the upward momentum. The increase in trading volumes has also boosted $XRP's price. The cryptocurrency increased by 2.29%, trading at $0.512 at press time.

Highlights from Ripple's Q3 $XRP market report

Ripple recently published its Q3 $XRP Markets Report, which provides transparency and updates on the company’s views on the state of crypto markets and relevant $XRP Ledger and $XRP-related announcements.

The major highlights of the report include that $XRP’s status as a nonsecurity remains the law of the land. Ripple filed its Form C in response to the SEC's appeal, which does not address whether $XRP is a security. The SEC's ongoing legal action against Ripple appears to be a significant factor influencing the price of $XRP.

Bitwise, Canary and 21Shares all filed S-1s for $XRP ETFs, indicating that institutional interest in $XRP investment products remained strong.

Leading issuer Grayscale launched an $XRP Trust and filed to convert a multi-coin fund that includes $XRP into an ETF.