Over the past 24 hours, the cryptocurrency market experienced a substantial flurry of transactions, surpassing $700 million, marking its most significant event in several months. XRP, an established cryptocurrency, demonstrated a notable recovery in both trading activity and price rebound.
XRP notably observed a surge in trading volume, reaching $3.5 billion, indicating a substantial 220% increase from the previous day. Despite facing a 20% price drop during the market downturn, XRP exhibited resilience as buyers entered the market, leading to a 15% recovery. Presently, XRP is trading at $0.58 per token, showcasing a significant recovery from its lowest point since October 19.
It’s evident that XRP played a limited role in the recent liquidation cycle, as highlighted in CoinGlass data indicating a liquidation of $2.25 million worth of positions in the past 24 hours, with 70% of them being buying positions.
With figures reminiscent of the banking collapse in March 2023, totaling $40 billion, this paves the way for potential billion-dollar sales of XRP in the coming days.
Considering the trading volumes of major cryptocurrencies like Ethereum, XRP’s resurgence and the substantial surge in trading volumes make it a noteworthy player in the evolving narrative of recent cryptocurrency market fluctuations.
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