The 24-hour trading volume for XRP, the sixth-largest cryptocurrency by market size, has increased by 181%.
XRP was exchanged for $1.08 billion in the past day as traders wagered on market trends. Between buyers and sellers, 2,278,436,435 XRP were traded.
On Bithumb, one of the biggest cryptocurrency exchanges in South Korea, XRP is now the asset that is traded the most. With $203 million in volumes, the XRP/USDT pair on Binance was the main contributor.
The XRP/KRW pair on Bithumb came in second with a close to $50 million valuation. As XRP gained popularity on the exchange, the XRP/USD pair on Coinbase placed third.
In the past day, XRP has fallen 4.82% to $0.475, breaking the $0.50 barrier for the first time since July 13.
In the course of today’s trading, XRP fell below the $0.517 level, which also happens to be the location of the daily MA 200, and reached lows of $0.459 in the process. XRP last traded below the daily MA 200 in March 2023, with the notable exception of the price drop that occurred on August 17.
Since its sharp increase to $0.94 on July 13, XRP has been in decline and ended August down 26.76%. This month has seen further losses; XRP is down 8% so far in September.
Over the weekend, the SEC submitted its reply memorandum in support of its petition to certify an interlocutory appeal. To save judicial resources, the SEC asked Judge Torres to halt the proceedings.
An encouraging step was Ripple’s announcement last week that it had acquired the finance company Fortress Trust. This information follows Ripple’s $250 million purchase of cryptocurrency custody company Metaco, one of the biggest transactions in the industry in 2023.
