XRP (XRP) rose 10.72% in the last 24 hours

Gate News Bot news, on August 8, according to CoinMarketCap, as of the time of writing, XRP (XRP) is currently quoted at $3.31, rising 10.72% in the last 24 hours, reaching a high of $3.33 and a low of $2.75. The current market capitalization is approximately $196.342 billion, an increase of $19.01 billion compared to yesterday.

The XRP Ledger is a decentralized, public blockchain led by a global community of businesses and developers dedicated to solving problems and creating value. After more than a decade of error-free operation, the XRPL offers streamlined development, low transaction costs, high performance, and sustainability. Developers can confidently build on this foundation and advance the most critical projects.

Important news about XRP recently:

1️⃣ SBI Holdings applies for XRP-related ETF Japanese financial services company SBI Holdings has submitted applications for two cryptocurrency-related exchange-traded funds (ETFs), one of which will directly invest in XRP and Bitcoin. This move could attract more institutional investors' attention and capital inflow to XRP, potentially boosting XRP's market demand and price performance.

2️⃣ Large short position liquidations provide short-term price support Recently, some large investors have gradually closed their short positions on XRP. Among them, a large holder known as "Insider Whale" closed their short position on XRP, incurring a total loss of $1.644 million. A mainstream CEX spot account also closed a short position on XRP that had lasted for 28 days, with losses exceeding $6.6 million. The closure of these large short positions may provide short-term support for XRP prices.

3️⃣ XRP is performing actively on major trading platforms XRP's trading activity remains at a high level across multiple major trading platforms. On Korea's leading centralized exchange platform, the XRP/KRW trading pair accounts for 21.74% of the trading volume, ranking first in the Korean won trading market. Meanwhile, XRP accounts for 13% of retail trading revenue in the second quarter on the leading centralized exchange in the United States, slightly higher than Ethereum's 12%, demonstrating strong interest from retail investors.

From a technical perspective, XRP price has seen a significant pump in the past 24 hours, breaking through the $3 mark and showing strong upward momentum. However, investors should remain cautious of the market's high volatility, especially considering that recent trading movements by large investors may have a short-term impact on the price.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.