XRP Rockets 100% in Volumes Amid $1.72 Billion Market Crash: Details

The crypto market intensified an earlier sell-off on Friday with $1.74 billion liquidated in the last 24 hours, according to CoinGlass data. Long positions, or traders expecting prices to rise, accounted for the majority of this figure.

A total of $1.64 billion in long crypto positions were liquidated in the last 24 hours, indicating risk-off sentiment as investors consider what's ahead.

A successor to Federal Reserve Chair Jerome Powell is expected to be announced soon, with indications pointing to former Fed Governor Kevin Warsh. Warsh's track record of prioritizing inflation risks during the global financial crisis, combined with his affinity for monetary discipline, has spooked analysts and markets.

The cryptocurrency market fell further late Thursday as Warsh's odds surged on the betting markets.

$XRP volume jumps 100%

Amid the market drop, $XRP trading volume has risen 100% in the last 24 hours to $5.73 billion. $XRP's price breakdown occurred on significant volumes, confirming institutional participation rather than a low liquidity slide.

$XRP is extending its slide into the third day. The crypto asset saw a sharp sell-off on Thursday, falling from $1.91 to $1.77.

The drop coincides with outflows from $XRP ETFs. According to SoSoValue, spot $XRP ETFs saw about $92.92 million in daily outflows on Jan. 29, suggesting institutional profit-taking.

At press time, $XRP was down 7.22% in the last 24 hours to $1.73 and down 8.89% weekly. The next support is expected for the $XRP price at $1.61. $XRP created a double top, testing a high of $1.94 twice on Jan. 26 and 28. A decisive break above here will target $2, which coincides with the daily MA 50 and then $2.41 and $2.52 (the daily MA 200).

Heading into February, analysts will be watching for broader macro signals that could signal a shift toward risk-on sentiment.

In $XRP Ledger news, version 3.1.0 of rippled, the reference server implementation of the $XRP Ledger protocol, was introduced this week. This release introduces Single Asset Vaults, the Lending Protocol and "fixBatchInnerSigs," as well as bug fixes.