Cryptocurrency XRP has witnessed an unexpected surge in trading volume, surpassing 100%, amidst a $400 million sell-off in the cryptocurrency market. Compared to the previous day, XRP’s trading volume experienced a remarkable growth of 108%.
This surprising increase comes at a time when several noteworthy news and developments are emerging. On May 23, the U.S. Securities and Exchange Commission (SEC) granted approval to eight Ethereum-based exchange-traded funds (ETFs) in cash. Additionally, Coinbase, one of the leading cryptocurrency exchanges, announced the reopening of XRP trading in New York, which has created a buzz in the Ripple community.
Paul Grewal, Chief Legal Officer at Coinbase, shared the exciting news that XRP trading on their platform is now available again in New York. He expressed gratitude for the support from the state and emphasized their commitment to working in partnership. Grewal’s announcement was met with enthusiasm from the XRP community.
As of the time of writing, XRP is quoted at US$0.5327, experiencing a slight decrease of 0.6% in the past 24 hours. However, the cryptocurrency has recorded a significant trading volume of US$1,401,583,305 during this period.
Recently, Brad Garlinghouse, CEO of Ripple, shared a thought-provoking piece of art on his XRP social network page, sparking a range of reactions from the XRP community. The artwork depicts a lonely chimpanzee holding a sandwich with the inscription, “Laugh now, but one day XRP will feed the world.” This image has ignited a passionate debate within the XRP community, with opinions divided between optimism and skepticism.
Some interpret the artwork as an allusion to the ongoing legal battle faced by XRP, while others see it as a hint towards future innovations that could transform the cryptocurrency space. Garlinghouse revealed that the artwork had been adorning his wall for some time and chose to share it now, possibly indicating a sign of confidence for XRP holders, influenced by recent market movements.
Disclaimer: The opinions expressed in this article, by the author or anyone mentioned, are purely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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