XRP trading volume jumped 81% in 24 hours amid a $504 million crypto sell-off. Moreover, bearish sentiment grew after Fed Chair Jerome Powell’s comments on interest rates triggered widespread selling. Additionally, the sell-off stemmed from profit-taking and the liquidation of leveraged positions.
Massive Liquidations Hit Crypto Futures
CoinGlass revealed that crypto futures saw $504 million in liquidations within 24 hours, with $358 million from long positions. Consequently, this liquidation wave added pressure on the market, affecting several major cryptocurrencies.
Source: CoinMarketCap
XRP defied the bearish trend, rising 16% in 24 hours to $0.822 and gaining 50% in a week. CoinMarketCap data shows its trading volume surged 86% to $11.7 billion, or 14.23 billion XRP, as traders seized on price swings.
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XRP’s recent surge stems from advancements in the XRP Ledger ecosystem. Whale accumulation and new adoption plans have boosted investor confidence. French banking giant Société Générale-FORGE plans to launch its EURCV stablecoin on the XRP Ledger in 2025, using Ripple Custody for integration. This move aims to expand multi-chain adoption and complies with MiCA regulations.
Whale Accumulation Hits Five-Year High
Santiment data revealed significant whale activity, with wallets holding over one million XRP now owning 45.61 billion tokens, the highest since June 2018.
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Over the past two years, whales and sharks increased their XRP holdings by 3.44 billion tokens, marking an 8.16% rise. XRP traders have enjoyed a positive 40% return over the past seven days, fueled by the cryptocurrency’s price growth and heightened trading activity.
The combination of whale activity and ecosystem developments signals strong investor interest in XRP.