Ripple (XRP) saw a double-digit price surge over the past 24 hours, rallying over 11.5% to become the best-performing top 20 cryptocurrency.
According to CoinGecko, XRP reached as high as $0.717 before settling near $0.714 at the time of writing.
Data indicates the gains were primarily spot-driven, with XRP futures seeing just over $4.4 million in liquidations. Large liquidations typically suggest leverage-fueled price action.
XRP trading volumes spike to $2 billion
Ripple’s trading volumes on spot exchanges spiked to $2 billion on Monday. No immediate catalysts were apparent, but the rally did follow positive Ripple news last week.
Last Thursday, Ripple announced the Dubai Financial Services Authority had approved XRP under its virtual asset framework. This enables firms in Dubai to offer Ripple’s services.
Also read: Ripple (XRP) Price Prediction: November 2023
The same day, Ripple revealed it would work with Georgia’s central bank on a digital currency pilot utilizing Ripple’s CBDC platform. The firm’s CBDC solution is already deployed in multiple countries.
While Monday’s double-digit surge lacked a clear trigger, it shows the token’s upside potential as Ripple continues notching adoption wins. A resolution to Ripple’s ongoing SEC lawsuit could also boost XRP by removing regulatory uncertainty.