Today, the price of the well-known cryptocurrency XRP experienced a noteworthy increase of more than 4.2% as it immediately rose to $0.584 per token after receiving support from buyers at $0.56. Sadly, there was a big enough surge at that moment, as XRP dropped 1.59% in less than an hour.
These are, however, minor price swings that should mainly worry scalpers. The fact that the price of XRP is still above a critical support level that was successfully defended and retested many times today is all that matters to everyone else.
It will also validate forecasts for a long-term rally in the price of XRP if the little pullback we observed within the previous hour develops into a higher low.
While the price of XRP is giving traders pause for thought, the trading volume of the seventh-largest cryptocurrency is witnessing a significant surge, having risen by about 70% in a single day on the XRP perpetual futures market.
All eyes on XRP
The trade of derivatives on XRP has surpassed $2.09 billion, according to CoinGlass. According to trading volume, XRP is now the fifth-largest asset in this specific market.
Statistics on the spot market also show a rise in XRP trading volume. The turnover for XRP there has risen by about 50%, hitting a milestone of $1.64 billion, according to statistics from CoinMarketCap.
If we take out the USDT and USDC stablecoins, this number places the well-known cryptocurrency in sixth place in terms of turnover on the spot market.
In conclusion, XRP presently commands trade volume in both the spot and futures markets of over $3.7 billion. This results in a market cap ratio of 11.4% for the volume, given its $32.35 billion market value.
This suggests that there has been a minor rise in XRP trading activity, which suggests that market players are paying more attention. It remains to be seen where this may lead XRP in the days ahead.
