The cryptocurrency market saw a massive sell-off of holdings in the last 24 hours that exceeded $700 million, making it the biggest such occurrence in many months. XRP, a well-known cryptocurrency, distinguished itself during this market turbulence by exhibiting an astounding upsurge in trading activity and price recovery.
Data from CoinMarketCap indicates that XRP had a significant spike in trade volume, hitting $3.5 billion, which is a significant 220% gain from the day before. Not since mid-November has there been such a spike in trade volume.
Even though its price fell 20% during the market meltdown, XRP showed tenacity when buyers reenter the market, resulting in a 15% rebound. At $0.58 per token right now, XRP is showing a significant recovery from its lowest point since October 19.
Even if the price of XRP has clearly recovered, it is crucial to recognise that it had a very little part in the recent liquidation cascade. CoinGlass data shows that $2.25 million worth of contracts were liquidated in the last day, with 70% of those positions being long.
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Potential billion-dollar turnovers in XRP are anticipated in the next days as trade volumes for major cryptocurrencies like Bitcoin and Ethereum approach $40 billion, levels evocative of the March 2023 banking crisis. With its comeback and the notable spike in trading volumes, XRP is becoming a significant character in the developing story of the current volatility in the cryptocurrency market.
