XRP Trading Volume Surges by 181% in the Last 24 Hours

Discover the latest surge in XRP trading volume, reaching an increase of 181% in the past 24 hours. Despite the spike, XRP experiences a 4.82% drop in value, falling below $0.50 for the first time since July 13. Ripple's recent acquisitions provide a positive outlook for the company.

Posted 8 months ago in Altcoins


An image depicting XRP trading volume charts on a cryptocurrency exchange

XRP, the sixth largest cryptocurrency by market cap, has experienced a significant surge in trading volume, reaching an increase of 181% in the past 24 hours. During this period, over $1.08 billion worth of XRP was traded as traders capitalized on market movements.

Bithumb, one of South Korea's largest cryptocurrency exchanges, reported XRP as the most traded asset, with the XRP/USDT pair on Binance contributing the largest chunk of volumes, amounting to $203 million. The XRP/KRW pair on Bithumb followed closely behind with nearly $50 million in trading volume. Additionally, the XRP/USD pair on Coinbase ranked third as XRP gained traction on the platform.

Despite this surge in trading volume, XRP's value experienced a 4.82% drop in the last 24 hours, falling to $0.475. This marks the first time since July 13 that XRP has fallen below the $0.50 threshold. During today's trading session, XRP reached as low as $0.459, dipping below the $0.517 level, which aligns with the daily MA 200. The last time XRP traded below the daily MA 200 was in March 2023, except for a significant price dip observed on August 17.

Since reaching its peak of $0.94 on July 13, XRP has seen a decline in value, with a depreciation of 26.76% in August and an additional 8% loss in September. However, Ripple, the company behind XRP, had positive news to share last week with the acquisition of Fortress Trust, a financial institution. This acquisition follows Ripple's $250 million purchase of crypto custody firm Metaco, making it one of the biggest deals in the industry in 2023.

Last updated 9/11/2023, 3:44:00 PM

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