In a surprising turn of events, XRP, a popular cryptocurrency, saw its trading volume soar by over 100% amidst a massive $400 million sell-off in the cryptocurrency market. Compared to the previous day, XRP’s trading volume experienced a staggering 108% growth.
This unexpected surge in trading activity coincided with several noteworthy developments in the industry. 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 generated excitement among Ripple’s native token community.
Paul Grewal, the Chief Legal Officer of Coinbase, confirmed that customers residing in New York can now resume trading XRP on the platform. In a tweet, he stated, “XRP trading on Coinbase is available again in NY. We listened to your feedback and worked closely with the State. And now, we can finally announce that we are back.”
As of the time of writing, the price of XRP stood at US$0.5327, experiencing a slight 0.6% decline over the past 24 hours. During this period, the cryptocurrency achieved a trading volume of US$1,401,583,305.
A recent social media post by Ripple’s CEO, Brad Garlinghouse, featuring a thought-provoking artwork, sparked diverse reactions within the XRP community. The image depicted a lonely chimpanzee holding a sandwich with the caption “Laugh now, but one day XRP will feed the world.” This artwork sparked a passionate debate within the XRP community, with opinions ranging from optimism to skepticism.
Some interpreted the artwork as a reference to the ongoing legal battle faced by XRP, while others saw it as a hint of future innovations that could revolutionize the cryptocurrency industry. Garlinghouse revealed that the artwork had been adorning his wall for some time and decided to share it now, influenced by recent market movements, potentially signaling confidence for XRP holders.
Please note that the views expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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