XRP Records a Massive 431% Growth
The digital currency XRP experienced a staggering 41% surge yesterday within 24 hours, bringing its total growth to an impressive 431%. This price explosion has positioned XRP as the third-largest cryptocurrency by market capitalization.
Trading Frenzy: XRP Captures Global Attention
As of December 2, 11:20 ET, XRP was trading at $2.77 per coin, with a market cap of approximately $154 billion. Just two days earlier, on December 1, XRP had hit an intraday low of $1.89, before surging by over 41% within 24 hours.
In terms of trading volume, XRP ranks third, trailing only Tether (USDT) and Bitcoin (BTC), with an astounding $44 billion in daily transactions. While Tether remains the primary trading pair for XRP, the Korean won (KRW) accounts for over 26% of XRP swaps.
At its current price of $2.77, XRP is just 19% shy of its all-time high of $3.40, reached on January 7, 2018.
XRP in Derivatives Markets: Significant Liquidations
XRP has also become a focal point in derivatives trading. Yesterday, within 24 hours, XRP accounted for over $84 million out of a total $588.66 million in daily liquidations. Specifically:
Short positions on XRP suffered $55 million in losses.
Long positions faced liquidations amounting to approximately $29 million.
This price surge and increased activity indicate renewed investor interest, likely tied to XRP approaching its historical peak.
Regulatory Optimism as a Potential Driver
Another factor fueling XRP’s current momentum could be anticipated regulatory relief from the U.S. Securities and Exchange Commission (SEC). This has contributed to growing optimism among investors, who remain cautious about the volatile nature of the cryptocurrency market.
The extraordinary trading volume, significant liquidations, and overall price growth underscore the intense activity surrounding XRP. This scenario reflects a combination of speculative enthusiasm and calculated strategies within the cryptocurrency world.
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