3 Billion XRP in 24 Hours As Price Jumps 6%, Here's What Happened.
The market is in a frenzy today as various indices indicate the return of the bull market. Bitcoin jumped more than 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with an 18.46% jump to $3,664.23, while XRP jumped 6.23% to $0.5387.
Randomization of three billion XRP.
With the rise of the market, XRP has recorded a big jump in some of its key metrics, including trading volume. At the time of writing, trading volume has surged by 121% to $1,660,168,987.
By this count, it means a total of 3,085,815,960 XRP was traded in the last 24 hours. This figure is quite impressive as it shows that XRP has sufficient liquidity to serve the growing market demand on the largest exchanges. Access to this liquidity is essential for the price of XRP to reach its long-term target level of around $1.
When demand increases and there is XRP liquidity to match it, market balance will be maintained and price movements can occur naturally. XRP has benefited from recent whale actions and Ripple escrow interventions.
All of these factors contribute to the continued resilience of digital currency prices.
The main catalyst for driving the market.
The market was in a long-term consolidation phase until the trend shifted yesterday, following news that the odds of approval for a spot Ethereum ETF had jumped from 25% to 75%.
Without imagining this 180-degree turn, the United States Securities and Exchange Commission (SEC) has now opened communications with key Ethereum ETF applicants in a move that may lead to product approval.
Notably, Ethereum ETF sentiment drives market sentiment, and XRP positively follows the trend.
