- XRP experiences a whopping 181% surge in 24-hour trading volume, with over $1 billion traded.
- Despite the increased trading activity, XRP’s price dips below the pivotal $0.50 benchmark.
Dissecting XRP’s Market Momentum
XRP, recognized as the cryptocurrency realm’s sixth titan in terms of market capitalization, has recently ignited considerable buzz. Within a span of 24 hours, the asset saw its trading volume swell by an astonishing 181%, amounting to the exchange of 2,278,436,435 XRP or a staggering $1.08 billion in monetary terms.
One could ascertain the fervor surrounding XRP when observing its dominant position on Bithumb, one of the leading cryptocurrency exchanges hailing from South Korea. Drilling down into specifics, the XRP/USDT trading pair on the globally-renowned Binance platform took the lion’s share of trading activity, clocking in at a hefty $203 million. Close on its heels was the XRP/KRW pair on Bithumb, registering nearly $50 million, with the XRP/USD pair on Coinbase clinching the third spot as traders increasingly gravitated toward the token.
Price Trajectory: A Closer Examination
However, volume surge doesn’t always equate to a bullish price movement. XRP’s price trajectory presents a contrasting narrative. In the past day, the asset experienced a 4.82% dip, settling at $0.475. This marked the token’s sub-$0.50 valuation, a scenario not witnessed since July 13. During the day’s trading, XRP grazed the $0.459 low, crossing the critical $0.517 threshold synonymous with the daily MA 200. This dip was reminiscent of a similar price trough in August, with the last instance of trading beneath the daily MA 200 traced back to March 2023.
From a macro perspective, since its impressive rally to $0.94 on July 13, XRP has been grappling with a downward trend, culminating in an 8% decline this September, following a 26.76% drop in August.
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While the market remains transfixed on XRP’s price action, the regulatory landscape has its own tale to tell. The SEC, over the recent weekend, presented its memorandum backing its motion to endorse an interlocutory appeal. The crux of their request to Judge Torres was the potential conservation of judicial resources by momentarily halting proceedings.
Amidst these market dynamics and regulatory overtures, Ripple showcased a strategic move, announcing its acquisition of Fortress Trust, a reputable financial institution. This acquisition is juxtaposed with Ripple‘s prior monumental $250 million purchase of crypto custody giant Metaco, marking it as one of 2023’s landmark deals in the crypto sector.
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