Bittime -The crypto world was shocked by a surge in XRP trading activity in the last 24 hours. Data from CoinGlass shows that the trading volume of XRP derivative products jumped sharply by 298%, reaching a fantastic figure of $8.75 billion or the equivalent of IDR 136,312,500,000 (exchange rate of 1 USD = IDR 15,578).
This increase not only occurred in trading activity, but also in open interest (derivative contracts that have not yet been closed), which rose 25.71% to $1 billion or the equivalent of IDR 15,578,000,000.
Positive Trends in the Spot Trading Market
This positive trend does not only occur in the derivatives market. Spot trading, namely direct buying and selling activities for XRP tokens, also experienced a significant increase.
Data shows trading volume on the spot market reached $7.66 billion or the equivalent of IDR 118,981,800,000, pushing Ripple XRP to sixth position among the top 100 crypto assets based on this metric.
Combined, the total trading volume of XRP on the spot and futures markets has now reached a substantial figure, namely $16.41 billion or the equivalent of IDR 255,290,300,000.
This drastic increase in trading activity shows investors' increasing interest and involvement in XRP.
With a current market capitalization of $38.77 billion or equivalent to IDR 602,483,400,000, XRP's volume to capitalization ratio is at a significant 42.32%.
This ratio, which is much higher than usual, underlines the high level of activity and enthusiasm for this asset.
Check Today's Crypto Market:
Price Surge on March 10-11 2024
This spike in trading volume did not just happen. This coincided with a substantial increase in the price of XRP.
Since the start of the week, XRP has seen its price increase by almost 16%, even though it is only Tuesday. Currently, XRP is trading at $0.70 or the equivalent of IDR 10,903, which reflects bullish (optimistic) sentiment in the market.
This extraordinary increase in both trading volume and price underscores the growing prominence of XRP and investors' confidence in its future.
Analysts want to see if XRP can maintain this momentum and potentially break through key resistance levels in the coming days.
Also Read XRP (XRP): Price Analysis and Prediction in 2024
Possible Reasons Behind the Surge
While the exact reasons behind this surge are still speculative, several possible contributing factors:
- Positive developments around Ripple : Some recent news, such as Ripple vs SEC, may fuel investor optimism and encourage increased trading activity.
- Increasing usefulness of XRP: XRP is increasingly in demand as a cross-border payment solution, which could be another factor contributing to its current market performance.
- Bullish market sentiment: In general, the crypto market is experiencing a bullish trend, which may push up the prices of XRP and other digital assets.
Check Crypto Prices Today:
Current Ripple (XRP) Price
According to Market Bittime.com, currently (14/03/2024) the price of 1 XRP to IDR is IDR. 10737 and in the last 24 hours decreased by -2.33%
Looking ahead
Only time will tell whether XRP can maintain this level of activity and price increases. However, this latest development highlights the growing interest and potential of this digital asset.
With strong fundamentals and a supportive market environment, the future performance of XRP remains an interesting topic of discussion in the cryptocurrency community.
How to Buy XRP (XRP) on Bittime
You can buy and sell XRP (XRP) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
XRP (XRP) is available on Bittime with the market pair XRP/IDR . To be able to buy XRP IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy XRP (XRP) on Bittime .
Monitor price chart movements of XRP (XRP), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
Ripple vs SEC: Ripple Fights Additional SEC Claims with New Evidence
SEC vs Ripple: Here's What You Need to Know!
XRP Breakout: Latest XRP (XRP) Price Analysis and Predictions
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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