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- XRP’s trading volume surged by 156% to $3.08 billion.
- Amidst market turmoil, XRP’s trading volume stood out, contrasting with declines in other cryptocurrencies.
- CoinCodex predicts a 14.17% increase for XRP to $0.618282 by May 13, 2024.
XRP has defied the broader crypto trend with an impressive surge in trading activity. Over the past 24 hours, its trading volume has skyrocketed by 156%, reaching $3.08 billion in trades.
While other cryptocurrencies experienced significant declines as the weekend approached, XRP stood out with its remarkable increase in trading volume. This surge comes amidst a backdrop of risk-off sentiment in traditional markets, leading to panic-induced sell-offs in smaller cryptocurrency assets.
The market downturn led to the largest leverage washout of the month, liquidating over $930 million in leveraged derivatives trading positions across all digital assets. The majority of these liquidations, totaling $800 million, were long positions betting on price increases, caught off guard by the sudden market crash.
XRP’s resilience and surge in trading volume can be attributed to several factors. Firstly, it has emerged as the second most traded asset on South Korea’s largest cryptocurrency exchange, Upbit, following Bitcoin.
Speculative trading activity may have also contributed to the surge in XRP’s trading volume, as traders seize opportunities presented by the volatile nature of the cryptocurrency market. Additionally, recent advancements within the XRP Ledger ecosystem, including the upcoming stablecoin launch and upgrades, could have bolstered trading interest in XRP.
Based on CoinCodex’s latest analysis, XRP is forecasted to experience a 14.17% increase, reaching $0.618282 by May 13, 2024. Technical indicators suggest a bearish sentiment at present, yet the Fear & Greed Index registers 72, indicating a state of greed among investors.