Tomiwavoldo Olajide
XRP ranks as the second most traded asset after Bitcoin on Upbit, South Korea's largest cryptocurrency exchange
Read U.TODAY
google news
While the entire market was experiencing significant liquidations and sales, the trading volume of XRP, the seventh-largest cryptocurrency by market capitalization, surged by an astounding 156%.
According to data from CoinMarketCap, XRP trading volume increased by 156% in the past 24 hours, with total trading volume reaching $3.08 billion.
Reflecting traditional market risk-off sentiment, cryptocurrencies fell as the weekend approached. As a result of the panic, smaller cryptocurrency assets faced much larger losses.
The recession led to the largest leverage outflow this month, with more than $930 million in leveraged derivatives trading positions across all digital assets being liquidated, according to CoinGlass statistics. About $800 million of that was a long bet on rising prices, but was caught off guard by the unexpected market crash.
As one of the oldest and most established cryptocurrencies, XRP continues to attract attention from traders and investors seeking exposure to digital assets. In the past 24 hours, XRP became the second most traded asset after Bitcoin on Upbit, South Korea's largest cryptocurrency exchange.
That being said, the spike in XRP trading volume may have been caused by speculative trading activity where traders sought to take advantage of short-term price movements. The volatile nature of the cryptocurrency market provides ample opportunities for profit-taking and speculation, and the surge in XRP trading volume may reflect this increased trading activity.
Additionally, recent advances in the XRP Ledger ecosystem, particularly upcoming stablecoin launches and upgrades, may have contributed to the increase in XRP trading volume.
In a positive development, a proposal for an XRP Ledger native lending protocol to enhance DeFi capabilities is currently subject to review and feedback.
Bug fixes for the XRP Ledger’s Automated Market Maker (AMM) feature have been successfully integrated into the XRPL mainnet. This resolves an issue discovered on March 23rd with an unexpected number of LPTokens in the AMM pool.
In a blog post, Ripple's RippleX VP of Engineering Brad Chase provides a detailed analysis of the issue, the timeline for fixing the bug, its impact, lessons learned, and continued efforts to prevent similar issues from occurring in the future. Introducing.
About the author
Tomiwavoldo Olajide
