Why the price of XRP rose 6% in 24 hours
Today's trading floor is abuzz as signs of a bullish resurgence ripple through the financial indices. Bitcoin skyrocketed over 7% in the course of a day, reaching $70,948 at the moment of reporting, and Ethereum took the lead with an astonishing 18.46% climb to $3,664.23, whereas XRP advanced 6.23% to $0.5387.
Massive Movement of Three Billion XRP
In light of the market's rejuvenation, XRP has witnessed a significant uptick in numerous fundamental indicators, trading volume being a prime example. Currently, the trading volume has soared by an impressive 121% to $1,660,168,987.
This surge indicates that a formidable 3,085,815,960 XRP has changed hands within the last 24 hours. This remarkable figure highlights XRP's substantial liquidity, crucial for meeting the escalating demands in major trading arenas. Such liquidity is pivotal for XRP to achieve its much-anticipated price target close to $1.
The harmony of the market is preserved when demand is met with ample XRP liquidity, allowing for organic price movements. XRP’s recent performance has been buoyed by significant transactions from large-scale holders and strategic interventions by Ripple’s escrow services.
These elements have played a crucial role in bolstering the digital currency's steadfastness in value.
Vital Catalyst for Market Dynamics
The market endured a prolonged period of consolidation until a pivotal change occurred yesterday, sparked by the news that the probability for the approval of a spot Ethereum ETF had remarkably risen from 25% to 75%.
Contrary to expectations, the United States Securities and Exchange Commission (SEC) has initiated discussions with principal candidates for the Ethereum ETF, a step that could culminate in the product's sanctioning.
It's noteworthy that the anticipation surrounding the Ethereum ETF has significantly influenced market sentiment, with XRP enjoying the positive momentum as well.
