XRP surges 194% in volume as key Ripple vs. SEC decision approaches
Derivatives trading volume on the popular cryptocurrency XRP has increased by a staggering 194% in the last 24 hours, according to CoinGlass.
This surge in activity is highlighted by a notable increase in monetary terms: turnover in derivatives, primarily open-ended XRP futures, rose to $831.89 million. At the same time, the cryptocurrency spot market saw a massive 130% increase in trading volume to an impressive $878.89 million.
This significant surge catapults the total XRP turnover on centralized platforms to a significant $1.7 billion in a single day. Given that XRP has a market capitalization of $28 billion, the cryptocurrency's trading volume is estimated to be approximately 6% of its market capitalization, implying significant but not excessive trading activity.
Of particular significance is the timing of the spike in XRP trading activity, which occurred on May 13, a key date in the ongoing legal battle between Ripple and the SEC.
