Amid the influx of positive news regarding the company, Ripple has seen its native token, XRP, boast a 234% surge in trading volume. Indeed, the activity has seen its price attempt to return to form following a volatile rise and fall after fast BlackRock ETF filings were reported. Currently, the asset is down 0.87% over the last 24 hours and trading at $0.64, according to CoinMarketCap. Still, it remains one of the only digital assets in the green among the top ten cryptos in that same timeframe. Likely a result of its already positive performance throughout the week thus far.
There is no understating just how positive this year has been for Ripple. It emerged victorious amid its ongoing legal dispute with the US Securities and Exchange Commission (SEC). Moreover, its Swell Conference resulted in massive announcements that paint a bright picture for its near-term future. Subsequently, many thought that the good news was continuing with reports of a BlackRock XRP ETF. Yet, when that proved to be false, the price of the asset had witnessed a rapid rise and retraction. However, since then, Ripple and its XRP native token have seen a massive trading volume surge of 234% with the price attempting a rebound.
In the last 24 hours, it was reported that the massive trading volume spike resulted in 5.32 billion XRP being swapped. Additionally, the false reporting triggered the asset’s propulsion to the $0.748 mark. Those quickly returned to fam when the truths of the narrative were revealed by Bloomberg’s Eric Balchunas. However, the asset has still seen its price return at the $0.64 level. Moreover, Since early November, bears have not been successful in keeping XRP below the key buying level. Subsequently, the asset can still regain some of its lost positive momentum. Specifically, seeking to retest around the $0.732-0.74 mark.
Ripple has seen a surge in trading volume for its native token XRP, with a 234% increase. This is likely due to positive news surrounding the company, such as its victory in a legal dispute with the US Securities and Exchange Commission, as well as the announcements made at its Swell Conference. Although there was a false report regarding a BlackRock XRP ETF, the asset has returned to a price of $0.64, and there is a chance that it could regain some of its lost momentum.
You can read more about this topic here: Watcher Guru: Ripple: XRP Trading Volume Rockets 234% as Price Bounces Back