The trading volume of XRP, the seventh largest cryptocurrency by market capitalization, has increased, soaring by 54%, as the cryptocurrency market seeks recovery after a $225 million sell-off.
Due to intensified market sell-offs over the weekend, cryptocurrency futures liquidated nearly $225 billion in the past 24 hours. The decline in Bitcoin to a low of $67,444 resulted in losses for major tokens, with cryptocurrency futures liquidating nearly $133 million in long positions in the past 24 hours. According to CoinMarketCap, XRP's trading volume reached $1.04 billion in the past 24 hours, equivalent to 2.03 billion XRP, accounting for 55%. The surge in trading volume may be attributed to an increase in market participation following a period of intense selling pressure.
The cryptocurrency market is currently showing signs of recovery, with various crypto assets seeing a rebound in trading prices. During Monday's trading session, Bitcoin's price surged above $69,000.
This positive sentiment has spread to XRP, with traders and investors seeking to capitalize on the upward momentum, leading to an increase in trading volume. The rise in volume has also pushed up the price of XRP. As of the time of writing, the cryptocurrency is up 2.29%, trading at $0.512. Highlights from Ripple's Q3 XRP Market Report Ripple recently released its Q3 XRP Market Report, which provides the company's views on the state of the cryptocurrency market, as well as transparency and updates regarding the XRP ledger and XRP-related announcements.
Key highlights from the report include that XRP's non-security status remains protected under national laws. Ripple submitted Form C in response to the SEC's appeal, but the appeal did not address whether XRP is classified as a security. The ongoing legal actions by the SEC against Ripple seem to be a significant factor affecting the price of XRP. Bitwise, Canary, and 21Shares have all submitted S-1 filings for an XRP ETF, indicating strong institutional interest in XRP investment products.
Leading issuer Grayscale has launched an XRP trust and applied to convert a multi-coin fund that includes XRP into an ETF.
