XRP Witnesses 68% Volume Spike as XRP Price Takes Bear Side

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XRP Witnesses 68% Volume Spike as XRP Price Takes Bear Side
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Dis­claimer: The opin­ions expressed by our writ­ers are their own and do not rep­re­sent the views of U.Today. The finan­cial and mar­ket infor­ma­tion pro­vid­ed on U.Today is intend­ed for infor­ma­tion­al pur­pos­es only. U.Today is not liable for any finan­cial loss­es incurred while trad­ing cryp­tocur­ren­cies. Con­duct your own research by con­tact­ing finan­cial experts before mak­ing any invest­ment deci­sions. We believe that all con­tent is accu­rate as of the date of pub­li­ca­tion, but cer­tain offers men­tioned may no longer be available.

Recent data from Coin­Glass indi­cates a notable uptick in XRP deriv­a­tives trad­ing, with a sig­nif­i­cant 68.2% increase observed over the past 24 hours, total­ing $867.89 mil­lion. This surge in trad­ing activ­i­ty is com­ple­ment­ed by Coin­Mar­ket­Cap’s data of a 24-hour spot mar­ket vol­ume for XRP reach­ing $837.35 million. 

As a result, the com­bined trad­ing vol­ume for XRP has exceed­ed the bil­lion-dol­lar mark, reflect­ing a resur­gence of inter­est in this par­tic­u­lar dig­i­tal asset.

How­ev­er, despite the appar­ent surge in trad­ing vol­ume, XRP’s price tra­jec­to­ry tells a more nuanced sto­ry. Over the past four hours, amid height­ened trad­ing activ­i­ty, XRP has found itself among the top liq­ui­dat­ed assets on the cryp­to market. 

Approx­i­mate­ly $190,000 worth of XRP posi­tions were liq­ui­dat­ed dur­ing this peri­od, with an over­whelm­ing 99.4% of these liq­ui­da­tions rep­re­sent­ing long positions.

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XRP to USD by Coin­Mar­ket­Cap

The pri­ma­ry fac­tor influ­enc­ing this imbal­ance is the recent decline in XRP’s price. After encoun­ter­ing resis­tance at around $0.535, XRP has strug­gled to sus­tain upward momen­tum. While there were mod­est gains record­ed on Sat­ur­day, with XRP’s price increas­ing by just over 2.5%, sub­se­quent days have seen a down­turn, sig­nal­ing bear­ish sen­ti­ment pre­vail­ing on the market.

Look­ing for­ward, the future tra­jec­to­ry of XRP remains uncer­tain. How­ev­er, pre­vail­ing mar­ket trends sug­gest a con­tin­u­a­tion of bear­ish sen­ti­ment. Recent price action under­scores this out­look, indi­cat­ing a mar­ket head­ing south.

In sum­ma­ry, while the spike in trad­ing vol­ume may ini­tial­ly appear promis­ing for XRP, the con­cur­rent bear­ish price move­ment presents a nuanced perspective.

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