XRP’s daily trading volume rose to a record high as it surpassed the digital asset Tether (USDT) to become the third largest cryptocurrency by market capitalization.
Data from CoinMarketCap reveal that XRP surged to a 2020 high of $ 0.49, with its market value surpassing $ 22.2 billion on November 22. Daily trading volume reached a record high with $ 16.99 billion that day. By contrast, XRP’s daily trading volume was hovering around $ 9.5 billion when it recorded an all-time high of $ 3.84 per coin in January 2018.
XRP Is Breaking A Record By The Day
When we look at the time of writing, XRP has witnessed serious increases. While the cryptocurrency was traded at $ 0.70, according to CMC data, it reached $ 0.73 a few hours ago. The market value of XRP is over $ 32 billion at the time of writing, and its daily trading volume is around $ 27.2 billion.
While XRP has been experiencing pricing in the past few days, analysts are not convinced that the third largest cryptocurrency can sustain its bullish momentum. Crypto strategist and trader Michaël van de Poppe says Ripple’s local presence will likely experience a correction.
“Given the importance of the previous resistance range between $ 0.27 and $ 0.30, we can definitely expect to see a correction for this area before seeing a wave of impulses.”
Ripple owns more than half of the total supply of XRP and has a large number of XRP locked in escrow accounts. According to the data at the time of writing, XRP has increased by 52% in the last 24 hours and 135% in the last 7 days.
In the morning, the popular altcoin was trading around $ 0.73. But then it declined, eating sales. But now he has seen a slight recovery.