XRP Volume Skyrockets by 176% as Price Attempts to Recover

XRP, the sixth largest cryptocurrency by market cap, is seeing a spike of 181% in its 24-hour trading volume.

The last 24 hours saw $1.08 billion worth of XRP traded as traders bet on market moves. This amounted to 2,278,436,435 XRP exchanged between buyers and sellers.

XRP is currently the most traded asset on Bithumb, one of South Korea’s largest cryptocurrency exchanges. The XRP/USDT pair on Binance accounted for the largest chunk of volumes, amounting to $203 million.

This was followed by the XRP/KRW pair on Bithumb, which came in at nearly $50 million. The XRP/USD pair on Coinbase came in third place as XRP gained traction on the platform.

XRP has dropped 4.82% in the last 24 hours to $0.475, going below $0.50 for the first time since July 13.

In today’s trading session, XRP hit lows of $0.459 and, in the process, dipped below the $0.517 level, which coincides with the daily MA 200. Save for the significant price dip seen on Aug. 17, XRP last traded below the daily MA 200 in March 2023.

XRP has been on a decline since its massive spike to $0.94 on July 13 and finished August down 26.76%. The losses have continued into this month, with XRP down 8% so far in September.

The SEC filed its reply memorandum in support of its motion to certify an interlocutory appeal over the weekend. The SEC requested that Judge Torres put the proceedings on hold to conserve judicial resources.

In a positive development, last week, Ripple announced the acquisition of Fortress Trust, a financial institution. This news comes on the heels of Ripple’s $250 million acquisition of crypto custody firm Metaco, one of the largest deals in the field in 2023.

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