According to U.Today, the trading volume of the cryptocurrency XRP has seen a significant increase of 30% over the past day, reaching a total of $794 million. This figure only represents the spot market. CoinGlass reports that the volume of XRP derivatives trading, specifically perpetual futures, has also grown by 11.29% in the last 24 hours, reaching $608.21 million. As a result, the total trading volume of XRP during this period can be estimated at around $1.4 billion.
The surge in XRP trading volumes coincides with the cryptocurrency nearing the significant $30 billion mark in market capitalization. The current figure stands at $29.32 billion, with XRP just 2.26% away from reaching this key mark. It's worth noting that XRP has previously reached this threshold, with instances occurring a week ago and earlier in the month. However, the cryptocurrency has struggled to maintain a position above this mark.
The increase in trading volume suggests a growing interest from market participants. The ratio of market capitalization to trading volume currently sits at 4.66%, which falls within the normal range of activity. If XRP's market capitalization surpasses $30 billion, the token could potentially rank among the top 600 largest entities globally. With renewed interest from market participants, it remains to be seen whether XRP will successfully establish itself above this significant mark.