The daily trading volume of the double-leveraged XRP ETF ($XXRP) has reached $120 million. This surge in trading volume is more than four times the fund's average daily trading amount.
Teucrium's early launch has paid off, with the 2x XRP ETF price soaring.
Bloomberg's Eric Balchunas confirmed the progress of X and noted its outstanding performance in the cryptocurrency ETF space. Today's 27% increase indicates significant market volatility, favoring bulls.
Just today, the XRP ETF soared by 27%, with the XXRP price reaching $42.04, up 55% for the week. If market momentum continues, XXRP may attract more traders looking to quickly understand XRP's daily trends.
The surge in liquidity and price breakthrough of this ETF indicates that it is currently attracting the attention of active cryptocurrency fund participants. The XRP ETF issued by Teucrium may benefit from early investors' positioning.
Balchunas emphasized that Teucrium 'has been rewarded for the early launch of its ETF products.' This analyst's comments suggest that he praised Teucrium for launching this fund before XRP's current rise. Moreover, they chose a high-risk, high-reward leveraged model, which has paid off as trading volume and prices increased.
The price of XRP has risen alongside the surge in trading volume.
The surge in trading volume for this ETF also reflects the rise in XRP's open positions. XRP's adoption rate is high, and its use cases are increasing.
However, the breakthrough of the XRP ETF is closely related to active trading activity. This ETF has consistently performed well, and its strong performance can be attributed to the recent increase in XRP's value.
In the past 24 hours, the price of XRP has increased by more than 11.6%, with a trading price of $2.78 at the time of writing. Its market capitalization has also risen to $164.59 billion during the same period. Veteran trader Peter Brandt also predicts that this digital asset has broken through key resistance levels. Therefore, as predicted by veteran trader Peter Brandt, the price of XRP is likely to continue rising.
In terms of daily trading volume, XRP rose by 203% to $15.53 billion. This reflects a resurgence of market enthusiasm, largely driven by spot traders and leveraged XRP ETF activity.
XRP continued to rise over the past day for various reasons. According to CoinGape, one reason is the growing speculation that top asset management company BlackRock is about to submit an XRP spot ETF application.