In a development that surprised the market, the cryptocurrency XRP experienced a rise of more than 100% in its trading volume amid a $400 million sell-off in the cryptocurrency market. XRP trading volume recorded 108% growth compared to the previous day.
The surprising increase happened at a time when several news and developments are emerging. On May 23, the US Securities and Exchange Commission (SEC) approved eight spot Ethereum-based exchange-traded funds (ETFs). Furthermore, one of the main cryptocurrency exchanges, Coinbase, announced on the same day the reopening of XRP trading in New York, infecting the community of Ripple’s native token.
Coinbase Chief Legal Officer Paul Grewal revealed that the exchange’s customers living in New York can return to trading XRP on the platform. “XRP trading on Coinbase is available again in NY. We listen to you and work in strong partnership with the State. And now the news can be released: we are back,” he wrote.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
At the time of publication, the price of XRP was quoted at US$0.5327, down 0.6% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,401,583,305.
Ripple CEO’s Cryptic Post Sparks Mixed Community Reactions
Recently a post by Brad Garlinghouse, CEO of Ripple, who shared an intriguing work of art on his page on the social network X aroused mixed reactions from the XRP community. The image, showing a desolate chimpanzee holding a sandwich with the inscription “Laugh now, but one day XRP will feed the world”, sparked a fervent debate in the XRP community, dividing opinions between optimism and skepticism.
The art could be interpreted as an allusion to the ongoing legal battle facing XRP or perhaps as a hint of future innovations that could revolutionize the cryptocurrency space. Garlinghouse revealed that the piece had been decorating his wall for some time and decided to share it now, driven by recent market movements, suggesting a possible sign of confidence for holders of the coin.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/volume-do-xrp-dispara-108-em-meio-a-liquidacao-do-mercado/
