The price of popular cryptocurrency XRP saw a notable spike worth over 4.2% today, reaching $0.584 after finding support at $0.56 per token. However, it subsequently lost 1.59% in just one hour.
XRP Price Spike
XRP's price spiked 4.2% today, reaching $0.584 after support at $0.56. However, this increase was short-lived as the price dropped by 1.59% within the hour. These small price fluctuations should concern only scalpers.
Increase in Trading Volume
While the price action of XRP provides ample material for traders, the trading volume of the seventh largest cryptocurrency soared, with a 70% increase in 24 hours on the XRP perpetual futures market.
Current Market Position
According to CoinGlass, the XRP derivatives turnover reached $2.09 billion, making it the fifth largest asset in terms of trading volume in this market. On the spot market, the turnover rose by 50%, reaching $1.64 billion. Altogether, XRP commands a trading volume of $3.7 billion with a market cap of $32.35 billion.
This indicates a slight increase in trading activity for XRP, reflecting greater attention from market participants. Where this will take XRP in the coming days remains uncertain.
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