XRP Price Outperforms Bitcoin: Trading Volume Skyrockets by 60%

26 May 2024

in XRP

Reading Time: 3 mins read

Since Thursday, XRP has outperformed Bitcoin, with the top crypto unable to maintain its gains from earlier in the week, when it hit a two-month high above $71,000.
XRP trading on the derivatives market also hit new highs during the week, pushing the token to a 12.7% trading value to market cap ratio.

XRP outperformed Bitcoin in the latter part of the week as the token managed to maintain its momentum, while the top crypto fell off after a sharp spike earlier on in the week.

Bitcoin hit its highest since early April, striking $71,500 on Tuesday as the broader market rallied after trading sideways for weeks. However, BTC could not maintain its gains, and three days later, it had dipped $66,600.

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BTC trades at $68,982 at press time, dipping slightly over the past 24 hours. Its trading volume has dropped by 37% to $14.5 billion.

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Meanwhile, XRP had a better ending to the week. On Thursday, it recorded a 60% uptick in trading volume on the derivatives market, as revealed by CoinGlass. Perpetual XRP futures hit $2 billion while the spot trading volume surged to $1.75 billion, rising by nearly a fifth over the previous day.

With a combined $3.75 billion in trading volume and a $29.5 billion market cap, the token had a 12.7% ratio. For context, Bitcoin’s ratio in the past 24 hours is 1.06%, while Ethereum’s is 2.22%. USDT is a leader on this metric, hitting 35.5% over the past day at $39.8 billion in trading volume against a $111.9 market cap.

What’s Next for XRP?

XRP trades at $0.534, shedding 0.39% over the past day. Despite positive news like the token’s relisting on Coinbase for New York clients, its price hasn’t reacted. On the upper side, the token faces resistance at $0.54913 and then at $0.55713. The immediate support stands at 0.53323, which is its 50-day exponential moving average, and then $0.52996.

Analysts remain divided on the major force behind the token’s next wave of gains. Some believe that it will come down to technical factors, like a triangular pattern that XRP has been trading in for the past four years, which ends in November.

Others believe that the adoption of the XRP Ledger will be the token’s big spark. Tokenization is one of these key applications that could prove key for XRPL. As CTO David Schwartz explained recently, it can change the world from financial efficiencies and beyond.

Others believe that the upcoming stablecoin will be the landmark event for the token. With the US Congress approving the CBDC Anti-Surveillance Act that bars the digital dollar, stablecoins will become even more critical to digital payments. Ripple’s stablecoin will be issued on XRPL and Ethereum, aiming to chip off the market that USDT, USDC and their peers have controlled for years.

https://x.com/CollinBrownXRP/status/1793720201680179523