According to statistics from CoinGlass, there has been a notable jump in the trading volume of popular cryptocurrency XRP, with a whopping 298% increase in only the last day. The rise in trading activity has resulted in an astounding $8.75 billion turnover of XRP-related futures on the cryptocurrency market. Additionally, open interest has increased by a significant 25.71% to $1 billion.
Surprisingly, this increase in trading volume is not limited to futures and derivatives; XRP has achieved a trading volume of $7.66 billion in the spot portion of the cryptocurrency market. With this accomplishment, XRP jumps up to the sixth slot in terms of spot trading volume among the top 100 cryptocurrency assets. As a result, XRP’s total turnover across the spot and futures markets now stands at a healthy $16.41 billion.
An increase in trading activity like this suggests that market players are becoming more involved and interested in XRP. With a current market valuation of $38.77 billion, the asset’s volume to capitalization ratio is a noteworthy 42.32%, highlighting the exceptional interest and excitement surrounding it.
Even though it is just Tuesday, the price of XRP has increased significantly since the start of the week—by about 16%. This increase in trading volume is occurring at the same time as the price of XRP. As of right now, XRP is trading around $0.7, indicating that people are optimistic about the cryptocurrency.
The significant price increase and the previously unheard-of rise in trading volume highlight XRP’s rising notoriety and investor trust. With the ever-changing dynamics of the market, all eyes are focused on this digital asset’s outstanding performance.
