According to U.Today, the cryptocurrency market is experiencing a significant upturn, with Bitcoin, Ethereum, and XRP all recording substantial gains. Bitcoin has seen a 7% increase, reaching $70,948, while Ethereum has outperformed with an 18.46% surge to $3,664.23. XRP has also seen a significant increase, jumping 6.23% to $0.5387.
In the wake of this revived market, XRP has seen a major increase in several key metrics, including trading volume. The trading volume has risen by an impressive 121% to $1,660,168,987. This indicates that a total of 3,085,815,960 XRP has been traded in the past 24 hours. This high trading volume demonstrates that XRP has sufficient liquidity to meet the growing market demand across major exchanges. This liquidity is crucial for XRP's price to reach its long-targeted level of around $1. When demand increases and there is enough XRP liquidity to match it, the market balance is maintained and price action can follow its natural course.
XRP's price resilience can be attributed to both whale action and Ripple's escrow intervention. The market was in a prolonged consolidation phase until the trend shifted following news that the approval odds for the spot Ethereum ETF have increased from 25% to 75%. The United States Securities and Exchange Commission (SEC) has now begun communications with key Ethereum ETF applicants, a move that could lead to the product's approval. The positive sentiment surrounding the Ethereum ETF is driving market sentiment, and XRP is benefiting from this wave.
