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XRP Skyrockets 60% in Volume as XRP Price Outperforms Bitcoin

source-logo  u.today 23 May 2024 19:07, UTC

Trading volume of derivatives on the popular cryptocurrency XRP has increased by 60% in the last 24 hours, according to the latest data from CoinGlass. This notable growth was primarily due to a significant increase in the turnover of perpetual XRP futures, which reached a whopping $2 billion. Simultaneously, on the spot market, the trading volume of XRP increased by 18.40% to reach $1.75 billion.

Combined, these figures brought the total turnover of XRP on centralized platforms to a staggering $3.75 billion in a single day. Given that the token's market capitalization is $29.5 billion, trading volume is now approximately 12.71% of the total value, indicating a high level of trading activity.


In addition, the price of XRP against Bitcoin rose by more than 3% today: the cryptocurrency is now trading at 0.00000785 BTC. In dollar terms, this growth is characterized by the fact that XRP rose in price by more than 3%, while Bitcoin fell by 1.26%.

This divergence is largely due to the recent market decline, which has seen positions worth $119.85 million liquidated in the last few hours.

XRP's positive momentum is fueled by Coinbase's decision to add a token to its platform, a move that will make the cryptocurrency available to New Yorkers for the first time since its removal in 2021 amid Ripple's legal battle with the SEC. This development has significantly boosted XRP's market presence and trading activity.