![3 billion XRP in 24 hours as price climbs 6%, here's what happened](https://u.today/sites/default/files/styles/736x/public/2024-05/48522.jpg)
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The market is in a frenzy today as various indices point towards the return of the bull market. Bitcoin climbed over 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with an 18.46% rise to $3,664.23, while XRP jumped up 6.23% to $0.5387.
Mix of three billion XRP
With the market recovery, XRP has seen a major increase in several of its key metrics, including trading volume. At the time of writing, the trading volume jumped 121% to $1,660,168,987.
This tally means that a total of 3,085,815,960 XRP was traded in the last 24 hours. This figure is quite impressive as it shows that XRP has enough liquidity to meet the growing market demand on the largest exchanges. This access to liquidity is important for the XRP price to reach its long-term target level of around $1.
When demand increases and XRP liquidity matches it, market equilibrium is supported and price action can follow its natural course. XRP benefited from both whale action and Ripple’s escrow intervention recently.
All of these factors have contributed to the lasting resilience of the digital currency price.
Key catalyst for market evolution
The market was in its long consolidation phase until the trend changed yesterday, following the announcement that the approval chances for the Ethereum spot ETF have went from 25% to 75%.
Without considering this 180-degree turnaround, the United States Securities and Exchange Commission (SEC) has now opened communications with leading Ethereum ETF applicants, in a move that could lead to approval of the product.
Notably, Ethereum ETF sentiment determines market sentiment, and XRP is riding the wave positively.