According to U.Today, XRP, currently the seventh largest cryptocurrency by market cap, has experienced a significant increase in trading volumes, soaring by 80%. This surge in activity among traders and investors comes as the cryptocurrency's price turns green, indicating a recovery in the market. Data from CoinMarketCap reveals that XRP's trading volumes have surged by 86%, reaching a value of $1.41 billion in trades.
This increase in trading volume comes against a backdrop of a recovering crypto ecosystem, with several major coin prices turning positive after a significant drop in the early trading session. Bitcoin, for instance, was close to the $54,000 price mark. XRP was no exception to this trend, recovering after falling to a low of $0.403 in the day's trading session. At the time of the analysis, the XRP price had returned to trade in the green, up 2% in the last 24 hours to $0.432.
This surge in trading volume could indicate a major influx of buying and selling activity as the crypto market attempts a recovery. Recent data from CoinShares shows a surprising switch in market sentiment, with inflows into cryptos remaining strong despite significant selling in the past week. This suggests that investors may have viewed the price drop as a buying opportunity. In the past week, digital asset investment products saw inflows of up to $441 million, according to CoinShares. Bitcoin received $398 million in inflows, which unusually represented just 90% of total inflows as investors chose to diversify their investments across a larger set of altcoins.
In the coming days, all eyes will be on XRP to gauge its next price movement amid these recent developments in the overall crypto market.