XRP, Polygon See Volume Spike Similar To Bitcoin’s Surge A Few Days Back
According to data from the on-chain analytics firm , XRP & MATIC have seen high volumes recently. The “trading volume” here refers to the total amount of any cryptocurrency that’s being transacted on the different exchanges in the sector every day.
When the value of this metric is high, it means that the asset in question is being moved around a lot on the exchanges. Such a trend implies that traders are actively participating in the market right now.Looks like the value of the metric has been quite high in recent days | Source:
As displayed in the above graph, the Bitcoin trading volume had become pretty high a few days back when the asset’s price had surged toward the $28,500 mark.
This spike in the volume had come with a delay, however, as its peak had occurred after the cryptocurrency had already started on its pullback. This could be a sign that once investors saw the rally, they felt like they had to FOMO in, so they quickly made some trades, but many of these investors had arrived late to the scene, hence why the spike had come later.
The volume would have also been fueled by the panic sellers who bought at the top but sold as soon as they saw that the rally was already starting to cool down.XRP Price
In its latest recovery rally, XRP had managed to rise near the $0.55 mark, but with the pullback since then, the cryptocurrency has dropped toward the $0.52 level.XRP has declined since its rise two days ago | Source: