XRP, a cryptocurrency associated with Ripple Labs, has seen a significant rise in one of its key metrics. According to CoinGlass, the trading volume of the coin has soared 342.3% in the last 24 hours, reaching $3.15 billion.
Investor Confidence Grows
Previously, XRP lacked investor confidence as the price continued its sideways movement. However, it appears that market sentiment is shifting and bulls are returning. This means that bears are likely to disappear for the time being, and bulls will be able to overcome the market movements. The shifting sentiment can ignite more gains for the XRP price.
Surge in Open Interest
Open Interest (OI) has also jumped 5.59% to $637.35 million. This shows an admirable rise in open positions for the coin as investors have started to show greater interest and confidence. The rising OI is a crucial development for XRP, as it is expected to give a greater boost to its price.
Record XRP Price Increase
Along with the rising trading activity and shifting market sentiment, the price of the Ripple-associated cryptocurrency has seen a notable surge. Over the last 24 hours, it has soared 5.33% to $0.5652. XRP was trading around the lows of $0.5374 at the start of today’s trading session but broke out of that bearish channel to claim the next high of $0.5652. The surge in the XRP price is mostly related to the news of a potential launch of XRP-based ETFs. Grayscale Investments, a leading asset management firm, recently announced the relaunch of its XRP Trust. There is speculation that this product may inspire the launch of more XRP-based products, including XRP ETFs. Riding this wave of optimism, the XRP price has surged today as more gains are expected.
In conclusion, XRP has demonstrated significant growth in trading volume and market confidence, leading to a notable rise in its price. Investors are closely watching for the potential launch of new XRP-based products, adding to the optimism and potentially further strengthening the trust in this cryptocurrency.
Comments