XRP Trading Volumes Hit $1.6B- Surge Ahead?
XRP Trading Volumes Hit $1.6B- Surge Ahead?
YEREVAN (CoinChapter.com) — Troubled cryptocurrency XRP is showing signs of recovery. In the past 24 hours, the token’s price has gained around 5%, adding to its over 8% weekly rally. The token’s trading volumes have surged, adding to the bullish sentiments around it. Furthermore, talks that the World Bank has recognized XRP as a stablecoin is throwing the crypto back into the limelight.
XRP trading volume surges
XRP has experienced a remarkable boost in its trading volume, along with a surge in its price. On-chain data reveals, that around 2.9 billion XRP, worth over $1.6 billion, exchanged hands in the past 24 hours.
This increase, coupled with a significant uptick in XRP’s price, signals a resurgence of interest and activity in the altcoin.
As a result of the spike in investor interest, XRP price reached a daily high of $0.5572, according to daily charts, levels not seen since mid-January.
The $1.6 billion in XRP traded also signifies strong liquidity in the XRP market, offering investors considerable opportunities for trading. Such liquidity is essential for sustaining a dynamic and robust market, facilitating accurate price determination, and reducing the price volatility due to large transactions.
What is new around XRP?
The surge in XRP’s price and trading volume could be linked to multiple factors. For instance, there is an optimistic mood prevailing across the cryptocurrency market, highlighted by Bitcoin’s (BTC) price surge above $52,000, the highest since December 2021. XRP has enjoyed positive market sentiment, with consecutive weeks of inflows reported by a recent CoinShares study.
In other news, Sean McBride, former director at Ripple, recently claimed that the World Bank classifies XRP as a stablecoin.
The revelation came after Wrath of Kahneman, who follows developments around the altcoin, enquired when the team will launch an XRP stablecoin. His question stems from the firm’s recent acquisition of Standard Custody & Trust Company.
Kahneman suggested that the firm can use the stablecoin in Automated market maker (AMM) Liquidity Providers (LP). Alternatively, the stablecoin could also find use on exchanges with much greater attestation and compliance than USDT/USDC.
“Ripple has tons of capital. I’m super interested in your thought here, though. Why move away from XRP and its utility with progress being made, and many including the World Bank, already classifying XRP as a stable coin?,”
McBride said.
However, others were quick to point out that XRP is not a stablecoin. The World Bank may have classified it as such because the XRP Ledger supports stablecoins.
With XRP price showing signs of recovery, investors are gearing up for the next bull run.
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Filed under: Bitcoin - @ February 15, 2024 10:46 pm