The market value of has increased to $152 billion in a short time and has surpassed USDT. This increase is linked to a significant rise in trading volume. Although the SEC lawsuit against Ripple has been resolved, the exact reason for the sudden price increase of $XRP remains unclear. In the past 24 hours, there has been a trading increase worth $61 million.
The market value of XRP is thought to be temporarily able to increase, as fluctuations in liquidity and trading volume can greatly impact the token's value. After a significant increase in trading volume, XRP surpassed USDT to become the third-largest cryptocurrency. However, this position only lasted for an hour, and USDT returned to its previous ranking.
Data analysis shows that the increase in market value of XRP largely stems from changes in trading volume. However, it is difficult to precisely determine the motivations of traders. The SEC concluded its lawsuit against Ripple last week, but XRP's trading volume began to rise this morning.
As the market value of XRP approached $150 billion, the increase in trading volume also played a major role in this process. In the past 24 hours, XRP's trading volume has increased by over 100%, thereby surpassing USDT in market value and securing third place. This increase, especially in the context of the development of stablecoins in the industry, stands out as an impressive development. However, data analysis also shows how trading volume can affect market value.
According to analysts, the relatively small increase in trading volume led to a rapid rise in the market value of XRP. However, after the SEC lawsuit concluded, most of the trading volume increase of 107% occurred in the morning.
It is possible that a single trader or a small group of investors moved $61 million worth of XRP. This situation complicates the comments regarding the bullish trend of XRP. Although this increase in trading volume has had a significant impact, in the hours that followed, the price of XRP fell, causing the market value of USDT to return to third place.$BTC
On the other hand, positive developments for altcoins continue. According to recent reports, Missouri may be the first state in the U.S. to exempt income tax on digital assets like Bitcoin and XRP. Such developments and market optimism could lead to more traders investing in "Made in America Coins" like XRP.$USDC
