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Despite widespread market turmoil and selloffs, XRP, the seventh-largest cryptocurrency by market capitalization, experienced a remarkable 156% surge in trading volume.
According to data from CoinMarketCap, XRP’s trading volume spiked by 156% over the past 24 hours, reaching a total of $3.08 billion in trading activity.
Cryptocurrencies faced declines as the weekend approached, mirroring a risk-averse sentiment in traditional markets. Smaller digital assets, in particular, suffered substantial losses due to the prevailing panic.
This downturn led to the largest leverage washout of the month, resulting in over \(930 million in liquidated leveraged derivatives trading positions across various digital assets, as reported by CoinGlass statistics. Of these positions, approximately \)800 million were long bets anticipating price hikes, caught off guard by the sudden market downturn.
XRP/USD Daily Chart, Courtesy: TradingView
Being one of the earliest and most reputable cryptocurrencies, XRP continues to attract interest from traders and investors seeking exposure to digital assets. Over the past 24 hours, XRP emerged as the second most traded asset on Upbit, South Korea’s largest cryptocurrency exchange, following only Bitcoin.
However, the surge in XRP trading volume could be attributed to speculative trading activities, where traders aimed to capitalize on short-term price fluctuations. The volatile nature of the cryptocurrency market offers ample opportunities for speculative gains, a factor likely influencing the increased trading volume of XRP.
Moreover, recent developments within the XRP Ledger ecosystem, notably the impending stablecoin launch and upgrades, might have contributed to the uptick in XRP trading volume.
In a positive development, the proposal for the XRP Ledger native lending protocol, aimed at enhancing its DeFi capabilities, is currently open for review and feedback.
The bug fix for the XRP Ledger’s automated market maker (AMM) feature has been successfully implemented on the XRPL mainnet, addressing an issue identified on March 23 concerning an unexpected quantity of LPTokens in an AMM pool.
In a detailed blog post, Brad Chase, Ripple’s VP of Engineering for RippleX, provides an in-depth analysis of the issue, the bug fix timeline, its implications, lessons learned, and ongoing efforts to prevent similar occurrences in the future.