XRP Spot Trading Volume Hits Highest Since February as Binance Reaches $7.28 Billion
Summary
- In August, XRP spot trading volume reached its highest level since February.
- Trading increased across major exchanges, with Binance at about $7.28 billion, Upbit at $4.68 billion and Bithumb at $2.59 billion.
- The increase in volume may signal improved liquidity, and XRP recently climbed above $1.40 to trade near $1.45.
Forecast Trend Report by Period
XRP spot trading volume jumped last month to its highest level since February. The token also surged about 8% over the past day to around $1.45.
Crypto-focused media outlet CryptoPotato reported on September 4, citing data from Arab Chain, a contributor to CryptoQuant, that XRP spot trading volume increased across major exchanges in August.
Binance recorded the largest total at about $7.28 billion. Upbit followed with about $4.68 billion, while Bithumb logged $2.59 billion. Bybit, Gate and KuCoin posted about $1.4 billion, $1.33 billion and $1.23 billion, respectively.
Bitget and Coinbase also recorded XRP spot trading volume of about $918.5 million and $915.4 million, respectively.
While higher trading volume does not directly indicate price direction, it can signal improving liquidity as more buyers and sellers participate in the XRP market.
XRP was trading near $1.45 on the day. The broader crypto market also rebounded, with Bitcoin reclaiming $80,000 and XRP rising back above $1.40.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.