Amid pain, XRP trading volume surges 93%🔥🔥🔥

The market has changed significantly, with new data showing that XRP trading volume increased by an astonishing 93% in the past 24 hours.

The surge was mainly reflected in XRP perpetual futures trading volume surging to $661.08 million. Meanwhile, XRP spot market trading volume also increased by 68%, reaching an impressive $800 million.

The combination of the two drove XRP’s total trading volume on centralized platforms to a whopping $1.46 billion in one day. Considering that XRP has a market capitalization of $28.32 billion, trading volume accounts for approximately 5.1% of the total market capitalization, indicating a considerable but not overwhelming level of trading activity.

However, the increase in trading activity was accompanied by huge liquidations of long positions. Over the past 24 hours, long positions were liquidated as high as $9,352.80 million, in stark contrast to the relatively smaller $745.80 million in short position liquidations.

This 1,254% gap is a good illustration of the current market situation. While the increase in trading activity shows strong investor interest, the large liquidations of long positions are indicative of the painful adjustment many traders are going through.

As of now, the price of XRP is around $0.50 per coin. XRP price has been trading within an ascending channel since May 2023, with current upward dynamic resistance at $0.80.

As XRP attracts more attention with its dynamic performance, one should remain highly alert for potential volatility.

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