The market is in a frenzy today, with various indices indicating the return of a bull market. Bitcoin has soared by more than 7% in a single day, reaching $70,948 at the time of writing. Meanwhile, Ethereum has outperformed with an 18.46% surge to $3,664.23, and XRP has jumped 6.23% to $0.5387.
Massive Trading Volume For XRP
With the revived market, XRP has recorded a significant increase in several of its key metrics, including trading volume. At the time of writing, the trading volume has surged by an impressive 121% to $1,660,168,987. This translates to a total of 3,085,815,960 XRP traded in the past 24 hours. Such high trading volume demonstrates that XRP possesses sufficient liquidity to meet the growing market demand across major exchanges.
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This access to liquidity is crucial for XRP’s price to reach its long-targeted level of around $1. With boosted demand and matching liquidity, the market balance is maintained, allowing price action to follow its natural course. XRP has benefited from both whale action and Ripple’s escrow intervention recently.
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All these factors have contributed to the sustained resilience in XRP’s price. The market had been in a prolonged consolidation phase until the trend shifted yesterday, following news that the approval odds for the spot Ethereum ETF had jumped from 25% to 75%.
Catalyst For Market Movement
This unexpected turnaround has prompted the United States Securities and Exchange Commission (SEC) to open communications with key Ethereum ETF applicants, potentially leading to the approval of the product. The positive sentiment surrounding the Ethereum ETF is driving overall market sentiment, and XRP is benefiting from this wave.
The market’s renewed bullishness, driven by the anticipated Ethereum ETF approval, has significantly impacted major cryptocurrencies, including XRP. With increased trading volume and liquidity, XRP is well-positioned to continue its upward trajectory.
