XRP Trading Volume Surges by 170 Amidst Cryptocurrency Market Downturn

XRP’s trading volume saw a remarkable 170% increase, reaching $1.035 billion.
Nearly 10 million XRP have been locked in XRP Ledger’s AMM pool, indicating a significant growth in activity.
Despite a major sell-off in the overall market, XRP’s trading volumes have surged, according to data from CoinMarketCap. In the past 24 hours, the trading volume for XRP has increased by 170% to $1.035 billion.
This surge comes at a time of significant correction in the cryptocurrency industry, affecting major players like Bitcoin.
On Monday, cryptocurrencies experienced a steep decline, with Bitcoin (BTC) dropping to around $60,000. Altcoins saw even more significant declines during the same time 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%, with over $259 million in crypto longs sold in the last 24 hours.
Despite the general pessimistic market sentiment, traders have flocked to XRP, driving up its trading volumes significantly.
The surge in activity suggests that investors are either capitalizing on the present volatility or positioning themselves for future price swings in XRP. CoinMarketCap data shows that trading volume for XRP increased by 170% in the previous 24 hours to $1.035 billion.
At the time of writing, XRP is trading at approximately $0.4774, marking a 1.52% decrease over the last day. This price decline of 4.79% over the last seven days also indicates a bearish trend. The higher trading volumes during the price decline reflect a complex investor sentiment surrounding XRP.
In addition to the increased trading volume, the AMM pool of the XRP Ledger has seen significant activity. CNF recently highlighted the substantial rise of this pool, which has locked in almost 10 million XRP.