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.
Related article: XRP’s Mixed Market Signals Amid Crypto Surge: Key Indicators to Watch for Future Growth
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.
Related article: XRP Pushes Past $0.64: On Track to Break Yearly High of $0.74?
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.
