Following a surprising decline in the market overall earlier this week, Ripple (XRP) has bounced back thanks to a massive 220% increase in trading volume. Indeed, the surge represented more than $3.5 billion worth of XRP being traded. Specifically, representing a turn upward after an overall market downturn.
The industry faced more than $700 million in market liquidation in an event that shocked the market. No token was safe, as digital assets across the board had found their value decline. However, Ripple has undoubtedly stood out in how it was able to return to form just 24 hours after the event.
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Ripple Flourishes With $3.5 Billion Volume Rally After Downturn
On the heels of a positive ending to 2023, the digital asset market was shocked with a massive downturn seemingly out of the blue. Reports of potential rejection to the more than a dozen spot Bitcoin ETF applications led to concern and mass liquidation.
However, just a day later, one asset in particular is experiencing a notable comeback. Specifically, Ripple (XRP) is bouncing back with a massive 220% trading volume boost. According to CoinMarketCap, the trading volume reached $3.5 billion, which is the asset’s highest since November.
Also Read: Ripple (XRP) or Cardano (ADA): Which Coin Will Hit $1 in January 2024?
During the fall yesterday, the asset faced a 20% drop in its price. However, since then, the asset has rebounded rather nicely. Currently, the asset is trading at $0.58, up more than 1.58%, leading to a more than 15% recovery for its overall price.
Altogether, January 3rd saw trading volume across the board surge beyond $40 billion, according to Kaiko Data. Moreover, that figure is the highest level the industry has observed since the banking crisis that took place in March of last year. Conversely, the industry’s positive momentum toward the end of 2023 seems to be returning. A Spot Bitcoin ETF approval early next week seems likely. Therefore, it should bring about market-wide gains due to the positive sentiment.