XRP continues to show strength, pumping by 13% in the past 24 hours to $2.73.
Capital is flooding in, with XRP generating over 150% higher trading volume than Bitcoin on Coinbase. Meanwhile, ICO token Crypto All-Stars is also seeing huge demand as its raise nears $8 million.
Ripple’s XRP has seen its price rocket since Donald Trump won the US presidential election in November.
It’s now trading at a 440% monthly premium and has added $100 billion to its market cap in one month.
As such, XRP is trading higher than its 2021 bull market peak and just 29% from its 2018 all-time high (ATH).
Today’s XRP rally was spurred by Wall Street money manager WisdomTree filing for an XRP spot ETF. They’re joining the race alongside Bitwise and Canary Capital.
The ETF aims to give investors price exposure to XRP via shares tradable on the Cboe BZX Exchange.
Trading volume is a key measure of where the market’s attention lies, and right now, it shows that all eyes are on XRP.
Coinbase is the second-most active centralized exchange by trading volume and the most popular in the United States. And right now, trading volume for XRP is 1.5 times higher than it is for Bitcoin.
In the past 24 hours, $2.3 billion worth of XRP has changed hands on the exchange, accounting for 21.39% of its entire volume. Bitcoin takes second place with $1.5 billion, accounting for 14.65% of Coinbase’s volume.
Notably, demand for XRP on Coinbase is creating a significant price premium on the platform.
It’s a similar story to Binance. XRP is leading the way with $5.5 billion in volume and a 10% market share.
XRP’s explosive rally this month has instilled more confidence in crypto traders. By adding $100 billion to its market cap in one month, XRP has set the tone for how parabolic the crypto bull run could get.
With that, traders are positioning in tokens that they think could pump next. Hedera and Kaia are top performers among large caps, each rising 39% today.
Meanwhile, a new market emergent, Crypto All-Stars, is also drawing attention as its presale raise surges toward $8 million.
Crypto All-Stars is an innovative project that creates utility inside the meme coin sector. It’s building a meme coin staking layer that lets users deposit their DOGE, SHIB, PEPE, and more to earn passive rewards.
Typically, the only utility of meme coins is “buy low, sell high.” Despite that, the sector has a market cap of $130 billion. Crypto All-Stars hopes to lift that by creating a tangible way for holders to use their meme coins.
Users lock their tokens up in Crypto All-Stars’ “MemeVault,” and they’ll generate passive rewards over time. However, the caveat is that they must hold $STARS tokens, and their rewards depend on how much they have.
https://twitter.com/all_stars_coin/status/1860745219719020763
This creates a dynamic where holders of all the top meme coins will be vying to accumulate the same token, which analysts think is a juncture with massive potential.
For instance, the Crypto June recently said it can 100x.
The analyst noted that the presale will end in 20 days, meaning prospective buyers should act quickly to avoid missing out.
With the crypto market taking off this month, it’s no surprise that traders anticipate such significant gains for a new innovative project like $STARS.
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