XRP has experienced a significant rise in trading volume in recent days. The digital asset’s trading volume is currently at $1.87 billion, showing a 99.95% increase over the last 24 hours.
The trading volume surge has caused speculation of a potential price increase. Although XRP’s current trading volume is on the high side, data from AI-powered crypto platform Evai shows that XRP’s trading volume reached a noteworthy $2.15 billion on April 5, 41.93% higher than April 4.
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Many attribute this surge in trading activity to Ripple’s strategic move into the stablecoin market. The cross-border payments firm recently revealed its plans to launch a stablecoin on the XRP Ledger (XRPL) and the Ethereum blockchain.
This announcement triggered a temporary price increase for XRP, with the token briefly reaching $0.61. The stablecoin market is estimated to be worth $150 billion, and the prospect of the market reaching $2.8 trillion by 2028 has stirred up excitement for the future of XRP and the XRPL.
Matthew Dixon, Evai’s CEO, shared the news on X, interpreting it as a strong indicator of bubbling interest in XRP. Dixon suggests that this interest could translate into a significant price surge, urging market participants to be prepared for a potential surprise.
Massively increased trading volume on #XRP as shown by the #Evai Rating platform, tells me that there is serious interest bubbling away and we should get that typical $XRP explosion higher at some point – Be ready to be surprised IMO#Evai pic.twitter.com/QAgWr9xr4v
— Matthew Dixon – CEO Evai (@mdtrade) April 5, 2024
An Imminent XRP Price Surge?
Other well-respected industry figures have echoed this bullish sentiment. Matthew Dixon did not set a price target for XRP, but Rob Cunningham believes the digital asset can reach $12 with the stablecoin initiative playing a major role. Although some experts believe his analysis is flawed, the consensus is that Ripple’s stablecoin will cause an XRP price surge.
Read Also: Crypto CEO Expresses Confidence in XRP Price, States When He’s Happy To Go Long
Cryptoinsightuk, another prominent analyst, recently set a target of $1.2 for XRP. Many see this as a more realistic target as XRP won’t have to climb significantly to reach the target. Cryptoinsightuk also based the analysis of technical data and XRP’s performance and predicted that it was a short-term target, suggesting more significant growth in the future.
The recent surge in trading activity suggests a renewed level of investor interest in the token, and the possibility of a price surge is extremely high. Ripple’s foray into the stablecoin market has contributed significantly to this development, and further announcements or developments related to this initiative could impact XRP’s price trajectory significantly in the coming weeks and months.
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