Matthew Dixon, the CEO of AI-based crypto evaluation platform Evai, has stated that XRP could soon pull a surprising stunt based on recently observed on-chain data.
In a recent update shared by Dixon, Evai’s platform detected a substantial surge in XRP’s trading volume. He interprets this data as indicative of significant underlying interest in XRP. Dixon speculates that this could lead to a typical surge in XRP’s value, advising market participants to brace themselves for a surprise.
“We should get that typical XRP explosion higher at some point. Be ready to be surprised,” Dixon remarked.
Massively increased trading volume on #XRP as shown by the #Evai Rating platform, tells me that there is serious interest bubbling away and we should get that typical $XRP explosion higher at some point – Be ready to be surprised IMO#Evai pic.twitter.com/QAgWr9xr4v
— Matthew Dixon – CEO Evai (@mdtrade) April 5, 2024
XRP Records $2.15B Volume in One Day
The accompanying chart reveals that XRP’s 24-hour trading volume stood at $2,149,106,406 as of April 5. This figure marked a significant 41.93% increase compared to what was obtainable the previous day.
Meanwhile, updated records from CoinMarketCap indicate that XRP has witnessed a 24-hour trading volume of $938 million at press time. Cumulatively, the asset has seen a trading volume of $11.94 billion over the past seven days.
Remarkably, XRP reached the $2.15 billion trading volume milestone on Friday following Ripple’s announcement of its pivot into the $150 billion stablecoin market. According to the disclosure, the firm plans to launch a stablecoin on the XRP Ledger (XRPL) and Ethereum.
Expectedly, the announcement sparked a mild rally in XRP’s price, surging to $0.61. However, XRP retracted below the $0.6 threshold shortly after, invalidating the swift gains.
Nonetheless, Matthew Dixon believes the recorded $2.15 billion volume strongly indicates that XRP could be going on an explosive rally with the increased interest in the asset. Other industry pundits like Rob Cunningham have expressed similar bullish commentary on XRP amid the recent developments.
Specifically, Cunningham voiced that XRP could be on a path to $12, factoring in the projected $2.8 trillion size of the stablecoin market Ripple has entered. Yet other experts, like Panos Mekras of Anodos Finance, have disagreed with the projection.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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