Even though the market was going down, XRP’s trading volume increased by about 170%. It was an amazing showing on a volatile day for the Bitcoin market.
CoinMarketCap says that trade in XRP went through the roof while the prices of Bitcoin and other well-known cryptocurrencies dropped sharply. Bitcoin, the most valuable digital currency, dropped over $60,000.
This showed how the market was going to fall. Based on data from CoinGlass, the sell-off caused by the over $259 million in crypto-long liquidations in the last 24 hours alone adds up to over $281 million in leveraged derivative positions.
Even though traders have lost a lot of money, they have been very interested in the market. In the same time period, XRP’s trading volume exploded to $1.351 billion. This increase in activity shows a new wave of interest as buyers prepare for future price changes or take advantage of opportunities when the market is unstable.
At the time of this post, XRP was worth $0.4766, 2.32% less than 24 hours before. Bitcoin fell along with the rest of the market and started the day at about $0.48. It now trades at $0.4638.
XRP Leads Stability Amid Market Turbulence
The general drop in the value of digital assets can be explained by bigger worries about the demand for Bitcoin exchange-traded funds and the Federal Reserve’s monetary policies. Analysts think the recent sell-offs could mean buyers are less willing to take risks.
XRP was the most stable of the top 10 cryptocurrencies by market cap. It lost only 4% to 6%, while the others lost much more. People who keep an eye on the market are paying extra attention to how the price of XRP changes. More trades are the best way to tell how sellers feel and where they think the market will go.
As cryptocurrencies change quickly, people who work in the field and those who are just interested will monitor XRP’s market performance.
