According to CoinMarketCap data, XRP has experienced a significant surge in trading volumes, skyrocketing by 170% even as the market faced a significant sell-off.
Cryptocurrencies tumbled deeper into a correction on Monday, with Bitcoin (BTC) dipping to near $60,000 and altcoins seeing even deeper pullbacks during the same period. The sudden pullback triggered over $281 million in liquidations of leveraged derivatives trading positions across all digital assets, CoinGlass data shows.
Out of this amount, over $259 million in crypto longs were liquidated in the past 24 hours as major tokens slid, some even as much as 10%. Despite the market's overall bearish sentiment, traders have flocked to XRP, driving its trading volumes higher. According to CoinMarketCap data, XRP's trading volume has surged by 170% in the last 24 hours, reaching $1.035 billion.
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This surge in activity suggests that investors are either capitalizing on the volatility or positioning themselves for anticipated movements in XRP's price.
XRP price action
XRP's price fell 2.32% in the last 24 hours to $0.4766 at press time, as cryptocurrencies sold off at the start of the week. XRP opened Monday's trading session around $0.48 before falling to a low of $0.4638.
XRP/USD Daily Chart, Courtesy: TradingView
The crypto market's losses widened after its second-worst weekly decrease of 2024, reflecting lower demand for Bitcoin exchange-traded funds and monetary policy uncertainties emanating from concerns about the Federal Reserve's scope to decrease interest rates fast from a two-decade high. For some analysts, the decline in digital assets is a warning indication of the overall risk appetite.
Amid this, XRP was demonstrating lesser losses among the top 10, most of which saw losses between 4% and 6%.
Market analysts are closely monitoring XRP price movement as increased trading activity could signal investor positioning.