XRP Trading Volume Soars by 170 Despite Cryptocurrency Market Selloff

XRP’s trading volume has seen a massive increase of 170%, reaching $1.035 billion.
The XRP Ledger’s AMM pool has locked in nearly 10 million XRP, indicating significant growth.
Even as the cryptocurrency market experiences a major sell-off, XRP’s trading volumes have surged. CoinMarketCap data reveals that in the last 24 hours, XRP’s trading volume has soared by 170% to $1.035 billion.
This surge comes amidst a period of significant correction in the cryptocurrency industry, which includes major players like Bitcoin.
Cryptocurrencies experienced a sharp decline on Monday, with Bitcoin (BTC) dropping to around $60,000. Altcoins saw even more substantial declines during the same period.
According to CoinGlass, this unexpected market decline led to the liquidation of leveraged derivatives trading positions across all digital assets, totaling over $281 million. Key tokens suffered losses of up to 10%, and over $259 million in crypto longs were sold in the last 24 hours.
XRP, however, has shown resilience amidst the bearish sentiment in the market. The significant increase in trading volumes suggests that investors are either capitalizing on the present volatility or positioning themselves for future price fluctuations in XRP. According to CoinMarketCap data, trading volume for XRP increased by 170% in the previous 24 hours to $1.035 billion.
Meanwhile, at the time of writing, XRP is trading at approximately $0.4774, marking a 1.52% decrease over the last day. With a 4.79% decline over the past seven days, this price drop also indicates a bearish trend. The higher trading volumes during the price decline point to a complex investor sentiment surrounding XRP.
In addition to the surges in trading volume, the XRP Ledger’s AMM pool has seen significant activity. CNF recently highlighted the substantial increase in this pool, which has locked in almost 10 million XRP.