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In the last 24 hours, XRP trading volume has increased by 81%, as the cryptocurrency market faced a sell-off that resulted in nearly $504 million in futures liquidations.
Market sentiment turned bearish as markets digested recent comments from Fed Chair Jerome Powell on the path for interest rate cuts, leading to a wave of selling pressure across various cryptocurrencies. Profit-taking following recent market gains and liquidations of leveraged positions may have also contributed to the sell-off.
According to CoinGlass data, crypto-tracked futures recorded nearly $504 million in liquidations in the past 24 hours. Of that total, $358 million were long positions.
XRP was able to defy the bearish trend, skyrocketing 16% in the last 24 hours to $0.822 and up 50% since the previous week.
According to CoinMarketCap, XRP trading volume increased by 86% in the last 24 hours to $11.70 billion, or 14.23 billion XRP, as traders sought to profit from recent price volatility.
Positive developments in XRP Ledger ecosystem
XRP's recent surge in price and, likewise, trading volume comes on the heels of positive developments in the XRP Ledger ecosystem, including whale accumulation.
The digital asset arm of French multinational banking giant, SocieteGenerale-Forge has announced the launch of its EURCV stablecoin on XRP Ledger in 2025, with Ripple Custody powering the integration.
Following Ethereum and Solana, Societe Generale-FORGE has announced plans to deploy its MiCA-compliant stablecoin EURCV on the XRP Ledger (XRPL) to increase adoption. This multi-chain approach is scheduled to launch in 2025, pending final technical integrations. EURCV will be issued on XRPL using Ripple Custody solutions.
In significant whale accumulation, wallets with at least one million XRP now hold a total of 45.61 billion tokens, the highest amount since June 2018.
According to Santiment, whales and sharks have reversed direction over the last two years, accumulating 3.44 billion more XRP, or an 8.16% rise. XRP traders have enjoyed a positive 40% return on XRP prices in the past seven days.