According to U.Today, XRP, the seventh-largest cryptocurrency by market capitalization, has experienced a significant increase in trading volumes, rising by 54% as the cryptocurrency market attempts to rebound from a recent $225 million sell-off. The market witnessed nearly $225 billion in liquidations over the past 24 hours, with crypto futures experiencing approximately $133 million in long liquidations. This was largely due to Bitcoin's decline to lows of $67,444, which resulted in losses across major tokens. CoinMarketCap data indicates that XRP's trading volume reached $1.04 billion in the last 24 hours, equivalent to 2.03 billion XRP, marking a 55% increase. This surge in activity may be attributed to heightened market participation following a period of intense selling pressure.
The broader cryptocurrency market is currently showing signs of recovery, with several crypto assets returning to positive trading territory. Bitcoin, for instance, surged past $69,000 during Monday's trading session. This positive sentiment has extended to XRP, driving up trading volumes as traders and investors seek to capitalize on the upward momentum. The increase in trading volumes has also positively impacted XRP's price, which rose by 2.29%, trading at $0.512 at the time of reporting.
Ripple recently released its Q3 XRP Markets Report, providing transparency and updates on the company's perspective on the state of crypto markets and relevant XRP Ledger and XRP-related announcements. Key highlights from the report include the affirmation that XRP's status as a nonsecurity remains unchanged. Ripple filed its Form C in response to the SEC's appeal, which does not address whether XRP is a security. The ongoing legal action by the SEC against Ripple appears to be a significant factor influencing XRP's price. Additionally, Bitwise, Canary, and 21Shares have all filed S-1s for XRP ETFs, indicating strong institutional interest in XRP investment products. Leading issuer Grayscale has launched an XRP Trust and filed to convert a multi-coin fund that includes XRP into an ETF.
