In the broader cryptocurrency space, XRP, the digital asset linked to Ripple Labs has shown remarkable performance outshining others in a key metric despite recent bearish sentiments in the ecosystem. Notably, the trading volume of XRP has surged by 5.28%.
XRP Surge in Trading Volume
As per data from CoinMarketCap, the volume soared as high as over 38% spike in trading volume saw XRP climb to the ninth most traded position with $862,384,188 in the last 24 hours. Meanwhile, even though the price is yet to breach the critical $0.5 level, it is up by 1.28% to $0.4826.
Analysts consider this a notable occurrence for XRP going into the month of July as the surge in trading volume signals positive market sentiments. Trends in the industry indicate that such jumps precede bullish sessions as investors renew interest in the digital asset.
Over time, trading volume has grown to become one of the most compelling bullish signals for XRP and increased pressure on the market. The asset has also recorded a consistent increase in Open Interest in recent times. Analysts say this suggests that investors are increasingly opening positions with the anticipation of the likelihood of an XRP price surge.
Markedly, if the projections of market leaders from the Frankfurt Stock Exchange in Germany are anything to go by, XRP has the potential to surge by 20-fold to a high of $10 in the future.
Impact of Ripple’s Proposed Stablecoin
Aside from the current trading metric, other notable activities that could affect XRP price include Ripple’s proposed launch of its Stablecoin (RLUSD). According to earlier reports, the RLUSD is meant to improve efficiency on key payment routes such as transactions from USD to EUR. There are speculations on how the new stablecoin will impact XRP.
While the trading volume has stayed up within the past 24 hours, market watchers are observing how market sentiments will turn out and if prices will jump in tandem in the coming days.
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