XRP Trading Volume Skyrockets to $1.4 Billion Amidst Market Expansion
The trading volume of the well-known cryptocurrency XRP has experienced a significant surge, reaching $1.4 billion, according to the latest report by CoinMarketCap. The spot market trading volume has seen a remarkable increase of 30% within the last day, reaching $794 million.
In addition to the spot market, the trading volume of XRP derivatives, specifically perpetual futures, has also witnessed a notable rise of 11.29% in the past 24 hours, amounting to $608.21 million. This brings the total trading volume of XRP to an estimated $1.4 billion during this period.
XRP Nears Impressive Market Cap Milestone
As XRP edges closer to the significant milestone of a $30 billion market capitalization, trading volumes are surging as well. Currently, XRP boasts a market capitalization of $29.32 billion, just 2.26% shy of this significant mark.
Interestingly, XRP has previously surpassed this threshold but failed to maintain its position. Market participants are eagerly watching to see if renewed interest will finally propel XRP beyond this important milestone.
The increase in transaction volume serves as an indication of growing interest from market players. The current market capitalization to trading volume ratio of 4.66%, which falls within the typical range of activity, suggests strong market participation. Once XRP’s market capitalization exceeds $30 billion, it has the potential to join the ranks of the top 600 global companies.
Current Price and Market Sentiment
According to CoinMarketCap data, the current price of XRP stands at $0.5327, experiencing a slight decrease of 0.12% in the past 24 hours. However, with a 3.85% rise over the last seven days, the overall sentiment remains bullish. CNF has previously reported that XRP may witness further growth beyond the $0.53 level, especially with the introduction of new US crypto laws.
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