XRP Volume Explodes 80% As Crypto Market Rebounds: Is Now The Time To Buy?

XRP

XRP

XRP, the world’s seventh-largest cryptocurrency by market capitalization, experienced a significant surge in trading volume on Monday, rising by a staggering 86%. This jump coincides with a broader recovery in the crypto market, where several major coins, including XRP, saw their prices turn positive.

The increased trading activity, which translates to a total of $1.41 billion in trades, suggests renewed interest and activity among investors and traders. This comes after a rough start to the day for the crypto market, with Bitcoin briefly dipping close to $54,000.

XRP mirrored the broader market trend, recovering from a low of $0.403 earlier in the trading session. At the time of writing, XRP is trading in positive territory, up 2% in the last 24 hours at around $0.432.

The surge in trading volume for XRP could indicate a rise in both buying and selling activity as the market rebounds from its earlier slump. This aligns with recent data from CoinShares, which revealed a surprising $441 million inflow into cryptocurrencies despite the significant sell-off witnessed in the previous week.

This data suggests that some investors may have viewed the price drop as an opportune moment to buy. Notably, Bitcoin received only 90% of the total inflows, indicating that investors are diversifying their holdings across a wider range of altcoins, with XRP potentially being one of the beneficiaries.

While the recent developments are positive signs, all eyes remain on XRP in the coming days to see how its price reacts to the changing market dynamics.