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XRP Trading Volume Spikes By 68% – Are We Expecting $1 XRP Soon?

According to recent data, Ripple’s XRP has witnessed a significant increase of over 68% in XRP derivatives trading.

Ripple Labs’ XRP has been a prominent player in the crypto market. Despite its ongoing controversial legal battle with the SEC, XRP has maintained a decent spot in top cryptocurrencies for over ten years. 

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In the last 24 hours, there has been a notable spike in XRP’s trading volume with a massive 68.2% increase totaling $867.89 million. This massive increase resulted in XRP exceeding the billion-dollar mark, reflecting a resurgence of interest from the community. 

However, despite the increase in XRP’s trading volume, XRP’s price shows a different case. XRP price today is down by 2.82% at $0.51 as of writing. In addition, data shows that XRP is also one of the top liquidated assets in the crypto market. At this stage, over $190,000 worth of XRP has been liquidated, and 99.4% of these liquidations represent long positions.

XRP is still having difficulty building real momentum, with its indicators still weakened. Its support level has dropped significantly since late November, showing that further losses could be in the offing before it becomes stable. 

Looking ahead, the future of XRP remains uncertain. However, the prevailing market trend continues to be bearish, especially with the ongoing issues of Ripple. In this case, the spike in trading volume may appear promising for XRP, but its current bearish price movement tells otherwise.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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