Ripple XRP is continuing its recent surge, rising 298% in trading volume as its price surges by double digits. The recent pump for XRP comes in the last 48 hours, and in the last 24, the token has seen a 25.71% increase in open interest, now standing at $1 billion.
In addition, according to data compiled from CoinGlass, the turnover of derivatives related to XRP on the crypto market has risen to $8.75 billion. However, the surge isn’t just on derivatives and XRP futures: the spot market is also growing. XRP has recorded a trading volume of $7.66 billion, which sits at sixth place among the top 100 cryptocurrencies for spot trading volume.
The recent surge for Ripple XRP is late for some investors, as the rest of the altcoin market has been rising for the past two months. However, XRP is gaining ground, with interest in the asset growing exponentially as of late. Despite being down since yesterday, the token’s price is up 10% in the last week. Thus, trading volume is also up for the asset.
Also Read: Ripple Eyes 6.5-Year Downtrend Breakout: Can XRP Hit $1?
The direct correlation between price boom and trading volume surge only means good things for XRP moving forward. Now that the crypto token is seeing the same bullish sentiment that other coins have seen recently, XRP is expected to surge even more over the next week. At press time, Ripple’s native token is trading at $0.6834.
If XRP continues on its current path, bulls can expect a huge breakout for the asset, possibly eclipsing $1. The asset hopes to end a long-term downtrend and continue riding this momentum to new highs.