The downfall of FTX has had massive implications on the market. And with reverberations set to be felt for some time, today has seen a massive jump for one cryptocurrency. XRP trading volume is up 111% in just 24 hours.
The entire cryptocurrency world is set to recover from what has been a tumultuous week. Subsequently, the market is in its most intriguing state following the devastating fate of one of the most well-known cryptocurrency trading platforms.
XRP lows sees market respond
It was reported initially by u.today that following three consecutive days of lows, the XRP market is heating up. The report stated, “…the rise in XRP volume may have been caused by investors wanting to buy XRP at its recent lows.” Moreover, recent volatility could spell an opportunity for some investors.
The past week has seen XRP drop in value, losing a reported 25.25%. Subsequently, it has been trading in the range of $0.32 to $0.47 in that same time frame, according to the same report.
The change in the past 24 hours may have occurred in response to a rumored settlement impending between Ripple and the SEC as early as tomorrow. This rumor was then reported as false today.
Additionally, it was reported that Binance accounted for a large portion of that trading volume. The major platform has been heavily involved in the FTX debacle. It first agreed to acquire the now disgraced firm before eventually backing out.
Amidst the devastation of the FTX implosion, there is certainly no precedent for how the market will respond. In a financial sector that already sports volatility built into the market, repercussions are bound to arise from the elimination of one of the top trading firms nearly overnight.