Recent data on the colossal increase in XRP trading volume on the Coinbase crypto exchange has attracted the attention of both institutional and retail investors. The trading volume increased by more than 29,000% in 24 hours.
Sharp Increase in XRP Trading Volume
Edward Farina, the CEO of Alpha Lions Academy, noted the increase in trading volume for the XRP/USD pair on Coinbase. Initially, he reported a surge of 12,495.31%, but it was later revised to 29,140.38%, with total volume reaching $246.20 million. This spike coincided with heightened market activity surrounding XRP across various platforms.
Events Related to ETF
The trading surge may be linked to recent announcements regarding the potential launch of an XRP ETF. Reports indicate that Purpose Investments is set to launch Canada’s first XRP ETF on the Toronto Stock Exchange under the ticker XRPP. This move reflects growing regulatory acceptance and institutional confidence in cryptocurrency assets.
Market Prospects and Institutional Investors
According to recent reports, XRP has shown increased interest from investors. Within 24 hours, the price of XRP surged from $2.16 to $2.30, significantly outperforming other cryptocurrencies. Additionally, the decision from the U.S. SEC regarding Franklin Templeton’s ETF application is expected to have a substantial impact on the market.
In light of recent ETF-related developments and trading volume increases, XRP may emerge as a significant cryptocurrency in the market. Regulatory decisions and institutional investments could dramatically shift the dynamics of this cryptocurrency.
