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CoinMarketCap reports a notable rise in the trading volume of the well-known cryptocurrency XRP within the last day. 30% more spot market trading volume reached $794 million.

Apart from the spot market, the trading volume of XRP derivatives—more especially, perpetual futures—increased by 11.29% in the last 24 hours to $608.21 million. As such, $1.4 billion is believed to have been traded in XRP overall during this time.

XRP Approaches Significant Market Cap Milestone

As XRP gets closer to the significant $30 billion market capitalization threshold, trading volumes are rising as well. With its market capitalization of $29.32 billion at the moment, XRP is just 2.26% short of this significant mark.

Remarkably, XRP has already crossed this line but was unable to stay there. Market players are keeping a close eye on whether fresh interest will enable XRP to surpass this important threshold at last.

An indication of growing interest from market players is the increase in transaction volume. The current market capitalization to trading volume ratio of 4.66%, which is within the typical range of activity, indicates that market participation is strong. Once its market capitalization exceeds $30 billion, XRP can be one of the top 600 companies globally.

Current Price and Market Sentiment

As of writing, the price of XRP is at $0.5327, down 0.12% in the last 24 hours, according to CoinMarketCap data. Still, with a 3.85% rise over the last seven days, this also suggests a bullish position. CNF had previously reported that, with new US crypto laws, XRP might rise beyond the $0.53 level.

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