XRP Price Drops, Trading Volume Surges by 111%
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XRP has recently experienced a wave of market sell-offs, liquidating over $698 million, yet trader activity and market liquidity remain strong, demonstrating the token's strong appeal and potential rebound opportunity.
XRP's Price Fluctuation and Market Sentiment
As of now, the trading price of XRP is $2.321, having dropped 6.39% in the past 24 hours. Despite the price decline, traders in the market have not become discouraged; instead, they have become more active. According to data from CoinMarketCap, XRP's trading volume surged by 111% in the past 24 hours, with a dollar valuation reaching $8.81 billion, indicating strong demand for this token in the market.
This unusual market performance highlights XRP's liquidity, especially under the active trading demand between the futures market and retail traders. Even in the face of short-term price drops, there is still strong buying support in the market, laying the groundwork for a potential rebound.
XRP's Market Performance
Short-term Performance: In the past week, XRP has risen by 10.3%, effectively narrowing the monthly decline to 2.8%. This indicates that even with short-term market volatility, XRP still maintains a certain upward momentum, and market sentiment has not fundamentally changed.
Surge in Trading Volume: The surge in trading volume demonstrates the healthy state of the XRP market, which can provide ample liquidity to meet the needs of various types of traders. This active trading volume may also provide momentum for a price rebound in XRP.
Impact of RLUSD Stablecoin
Since the launch of the RLUSD stablecoin, the liquidity of XRP trading pairs in the XRP ledger has gradually increased. Although the market capitalization of RLUSD remains below $100 million, its daily trading volume has soared over 290%, showing the potential driving effect of this stablecoin on the XRP ecosystem. The active trading of RLUSD may further promote XRP's market performance, enhancing its significance in decentralized finance (DeFi) and other blockchain applications.
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