The trading volume of XRP surges by 28% after the release of big CPI data by the US Federal Reserve.
According to Nomics, the 24-hour trading volume of XRP on all cryptocurrency exchanges where it is listed has increased by approximately 30%. The current value of $2.2 billion is 11.7% of the current market capitalization of the cryptocurrency. With the exception of Ethereum, XRP has the largest trading volume of any cryptocurrency in the top 10 by market cap.
Notably, the double-digit surge in XRP trading volumes coincides with the publication of significant macroeconomic statistics on U.S. consumer inflation. As many may have seen in the lead-up to this data, there has been optimism on the markets, and in particular on the cryptocurrency market.
Economists and economists anticipated a 60 percentage point reduction in inflation, with which the Fed has struggled for the last year, to 6.5%. That is precisely what occurred. As of today, it is believed that the demise of inflation would persuade the monetary regulator to pause the Fed rate hike, allowing the markets to “take a breath.”
In the period after the report’s publication, if it is well-received, the level of enthusiasm may climb further, and trade volumes may begin to rise, as is the case with XRP now. Given the unpredictability of the macroeconomic environment, excessive delight might be swiftly penalized.