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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP, Polygon See Month-High Volumes As Investors Show FOMO

Keshav Verma
Keshav Verma
1 year ago
3 mins read
XRP And Polygon

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On-chain data shows the trading volumes of XRP and Polygon have hit monthly highs as investors are displaying FOMO towards the assets.

XRP, Polygon See Volume Spike Similar To Bitcoin’s Surge A Few Days Back

According to data from the on-chain analytics firm Santiment, XRP & MATIC have seen high volumes recently. The “trading volume” here refers to the total amount of any cryptocurrency that’s being transacted on the different exchanges in the sector every day.

When the value of this metric is high, it means that the asset in question is being moved around a lot on the exchanges. Such a trend implies that traders are actively participating in the market right now.

On the other hand, low values suggest the interest in the cryptocurrency may be low at the moment as not much trading activity related to it is happening on the platforms.

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Here’s The Level Bitcoin Must Conquer If Rally Has To Return

1 year ago

Now, here is a chart that shows the trend in this indicator for XRP, Polygon, and Bitcoin over the past month or so:

XRP & Polygon Trading Volume

Looks like the value of the metric has been quite high in recent days | Source: Santiment on X

As displayed in the above graph, the Bitcoin trading volume had become pretty high a few days back when the asset’s price had surged toward the $28,500 mark.

This spike in the volume had come with a delay, however, as its peak had occurred after the cryptocurrency had already started on its pullback. This could be a sign that once investors saw the rally, they felt like they had to FOMO in, so they quickly made some trades, but many of these investors had arrived late to the scene, hence why the spike had come later.

The volume would have also been fueled by the panic sellers who bought at the top but sold as soon as they saw that the rally was already starting to cool down.

During the past couple of days, XRP and Polygon have also seen some recovery surges (although the rises haven’t been anything too impressive) and the trading volume has also shown similar spikes for these cryptocurrencies as well.

At the peak of this latest surge, the volume of these cryptocurrencies had managed to hit its highest level in about a month. “FOMO is high right now,” notes Santiment.

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These Are The Altcoins To Keep An Eye On: Santiment

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It would appear that just like with BTC, investors had started jumping on these cryptocurrencies once they saw the rally. Those falling for FOMO, however, would have once again faced disappointment, as both XRP and MATIC have already retraced their latest recovery attempts.

If the trading volume continues to stay high even after the pullback, though, then it would be a positive sign for the prices of these altcoins, as it would mean that there is still significant demand for them at these lower price levels.

XRP Price

In its latest recovery rally, XRP had managed to rise near the $0.55 mark, but with the pullback since then, the cryptocurrency has dropped toward the $0.52 level.

XRP Price Chart

XRP has declined since its rise two days ago | Source: XRPUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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