XRP Trading Volume Skyrockets to $1.4 Billion Amid Market Expansion
The trading volume of the well-known cryptocurrency XRP has experienced a significant surge, reaching $1.4 billion, as reported by CoinMarketCap. Within the past day, the spot market trading volume alone has increased by 30%, totaling $794 million.
In addition to the spot market, the trading volume of XRP derivatives, particularly perpetual futures, has also seen a notable rise of 11.29% in the last 24 hours, amounting to $608.21 million. Overall, it is believed that $1.4 billion worth of XRP has been traded during this period.
XRP Nears $30 Billion Market Cap Milestone
As XRP inches closer to the significant milestone of $30 billion in market capitalization, trading volumes are also on the rise. Currently, XRP holds a market capitalization of $29.32 billion, putting it just 2.26% shy of this significant mark.
Interestingly, XRP has previously surpassed this threshold but was unable to maintain its position. Market observers are closely monitoring whether the current surge in interest will enable XRP to finally surpass this important milestone.
The increase in transaction volume serves as an indicator of growing interest from market participants. The current market capitalization to trading volume ratio of 4.66%, which falls within the typical range of activity, indicates strong market participation. Once XRP’s market capitalization exceeds $30 billion, it will join the ranks of the top 600 global companies.
Current Price and Market Sentiment
According to CoinMarketCap data, the price of XRP currently stands at $0.5327, with a minor decrease of 0.12% in the last 24 hours. However, considering its 3.85% rise over the past seven days, it signifies a bullish position. CNF has previously reported that the implementation of new US crypto laws might propel XRP beyond the $0.53 level.
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