XRP spot volume hits highest level since February as token rises 6%

  • XRP spot trading volume reached its highest level since February across major exchanges in August.
  • Binance recorded $7.26 billion in August XRP spot trades, while reported 24-hour volume later remained near $4 billion.
  • Softer U.S. labor data supported rate-cut expectations as XRP traded near $1.45 after a 70% August advance and subsequent correction.

XRP spot trading volume across major cryptocurrency exchanges reached its highest level since February in August, with Binance activity reported at $7.26 billion, marginally below CryptoPotato's earlier estimate of approximately $7.28 billion. XRP later rose roughly 6% intraday to about $1.45 after initial U.S. jobless claims and ADP private payrolls slightly missed forecasts, supporting expectations for Federal Reserve rate cuts. Reported 24-hour trading volume remained elevated near $4 billion, although estimates ranged as high as $5.5 billion, and CoinMarketCap recorded volume of approximately $2.88 billion, up 7.66%. The rally followed a 70% August advance from $1 to $1.70 before a correction toward $1.35-$1.38. Traders are watching $1.30-$1.35 as support and $1.55 as a key resistance level, while volume alone does not establish the direction of future prices.

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