<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In an electrifying turn of events on the crypto market,&nbsp;<a href="https://u.today/xrp-ledger-might-soon-level-up-with-new-upgrades-details" rel="noopener noreferrer nofollow">XRP</a>, one of the market's key players, has witnessed an astonishing surge in trading volume, skyrocketing by an impressive 91% over the course of just 24 hours.&nbsp;
According to data from&nbsp;<a href="https://coinglass.com/currencies/XRP" rel="noopener noreferrer nofollow">CoinGlass</a>, derivatives alone contributed $878.13 million to this surge, while spot markets added an additional $932 million, marking a notable 68.56% increase from the previous day.
Against a backdrop of heightened market volatility,&nbsp;<a href="https://u.today/btc-eth-and-xrp-price-prediction-for-may-6" rel="noopener noreferrer nofollow">XRP's price</a> exhibited considerable fluctuations, fluctuating by over 3.5%, declining by 4.2% and subsequently rebounding by 1.34%. Analysts attribute this volatility to ongoing legal proceedings between&nbsp;<a href="https://u.today/ripple-v-sec-crypto-lawyer-pinpoints-pivotal-decision-in-remedies-phase" rel="noopener noreferrer nofollow">Ripple</a> and the SEC, with today marking the deadline for the regulator to respond to Ripple's proposed solutions on the remedies issue. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="a0b23d55-6490-47e7-a89c-d1f99ec499d7" src="https://u.today/sites/default/files/inline-images/xrppriceee.png">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Furthermore, the recent market downturn, triggered by news of&nbsp;<a href="https://u.today/sec-staff-send-wells-notice-to-robinhood-details" rel="noopener noreferrer nofollow">Robinhood</a> receiving a Wells Notice from the SEC regarding its crypto operations, has added another layer of complexity to XRP's wild ride. The Wells Notice serves as a harbinger of potential legal action by the SEC against the popular trading platform, casting a shadow of apprehension over the entire crypto landscape.
Despite these fluctuations, XRP's market capitalization remains stable at $29.43 billion, translating to a trading volume-to-market cap ratio of 6.15%. While indicative of heightened trading activity, this ratio suggests that XRP's performance, while significant, is not unprecedented.
As investors brace for further developments in both the regulatory and market fronts,&nbsp;all eyes remain fixated on XRP, poised at the epicenter of this whirlwind of fear, greed and volatility.

XRP Skyrockets 91% in Volume as XRP Price Goes Wild

U_Today

Other articles published on May 6, 2024

Airdrop of 45 million $OOO tokens if community drives price to 0.0005 USD by May 8th 10 AM UTC

Solana Whales Accumulating SOL, Amid Bullishness from Franklin Templeton: What’s Next?

XRP Experiences Significant Trading Volume Increase

Bitcoin (BTC) Surges Past $64K, Ethereum (ETH) Maintains $3100, Worldcoin Soars with 16% Rally – ...

Potential Game-Changer: Mainland China May Gain Access to Hong Kong’s Bitcoin ETFs (BTC)

Ethereum Price Reclaims 100 SMA But Bulls Still Lack Strength To Clear Hurdles

Join our free newsletter for daily crypto updates!