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While the market as a whole suffered major liquidations and sell-offs, XRP, the seventh largest cryptocurrency by market capitalization, saw an astonishing 156% increase in trading volume.
According to CoinMarketCap According to the data, XRP's trading volume increased by 156% in the last 24 hours, totaling $3.08 billion in transactions.
Cryptocurrencies fell heading into the weekend, reflecting risk aversion in traditional markets. Smaller cryptocurrency assets suffered much greater losses due to the panic.
The crisis led to the largest debt loss of the month, liquidating more than $930 million in leveraged derivatives trading positions across all digital assets, according to CoinGlass statistics. Some $800 million of those bets were long bets on price increases and were caught off guard by the unexpected market crash.
As one of the oldest and most established cryptocurrencies, XRP continues to attract attention from traders and investors looking for exposure to digital assets. Over the past 24 hours, XRP was the second most traded asset on South Korea's largest cryptocurrency exchange, Upbit, after only Bitcoin.
That said, the increase in XRP trading volume may have been driven by speculative trading activity, with traders looking to take advantage of short-term price movements. The volatile nature of the cryptocurrency market presents many opportunities for profit-taking and speculation, and the increase in XRP volume may reflect this increased trading activity.
Additionally, recent advancements in the XRP Ledger ecosystem, including the upcoming stablecoin launch and upgrades, could have contributed to the increase in XRP trading volume.
In a positive development, the proposed XRP Ledger native lending protocol, which would enhance its DeFi capabilities, is now under review and feedback.
The bug fix for XRP Ledger's Automated Market Maker (AMM) functionality has been successfully integrated into the XRPL mainnet. This addresses an issue discovered on March 23 with an unexpected number of LPTokens in an AMM pool.
In a blog post, Ripple's VP of Engineering for RippleX, Brad Chase, provides a detailed analysis of the issue, the timeline of the bug fix, its impact, lessons learned, and ongoing work to prevent prevent similar problems from occurring in the future.