Currently riding a wave of momentum, XRP is trading at $2.77 per coin as of 11:20 a.m. ET on Dec. 2. This price point positions XRP as the third-largest cryptocurrency by market value, boasting a market capitalization of approximately $154 billion. On Monday, XRP hit an intraday low of $1.89 per coin before soaring by over 41%.
In trading activity, XRP ranks third in volume, trailing only tether (USDT) and bitcoin (BTC), with a staggering $44 billion in global transactions over the last 24 hours. While tether remains its primary trading pair, the Korean won (KRW) contributes to more than 26% of XRP swaps. At its current price of $2.77, XRP is just 19% shy of its record high of $3.40, achieved on Jan. 7, 2018, nearly seven years ago.
XRP has also taken center stage in derivatives markets, accounting for over $84 million of the day’s $588.66 million in liquidations. Notably, short positions on XRP suffered $55 million in losses, while around $29 million in long positions were also liquidated. The recent price jump and heightened trading activity hint at rekindled investor interest, potentially linked to the currency nearing its historic peak.
Adding to this dynamic is the possibility of regulatory leniency from the U.S. Securities and Exchange Commission (SEC). XRP’s performance suggests a mix of optimism and caution as investors balance its potential for growth with the risks tied to its volatile nature. The exceptional trading volume and significant liquidations highlight the intense action surrounding XRP, showcasing a blend of speculative enthusiasm and calculated strategies in the world of cryptocurrency.
