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XRP, the seventh largest cryptocurrency by market cap, has seen an increase in trading volumes, skyrocketing by 54% as the cryptocurrency market aims to recover after a $225 million sell-off.

Crypto-tracked futures saw almost $225 billion in liquidations in the last 24 hours, as the market sell-off escalated over the weekend. Crypto futures saw almost $133 million in long liquidations in the last 24 hours, as Bitcoin's drop to lows of $67,444 resulted in losses among major tokens.

According to CoinMarketCap data, XRP's trading volume amounted to $1.04 billion in the last 24 hours, or 2.03 billion XRP representing a 55%. This surge in activity might have been due to increased market participation following a period of intense selling pressure.

The broader cryptocurrency market is currently showing signs of recovery, with several crypto assets returning to trade in green. Bitcoin surged past $69,000 during Monday's trading session.

This positive sentiment has spilled over into XRP, driving up trading volumes as traders and investors seek to capitalize on the upward momentum. The increase in trading volumes has also boosted XRP's price. The cryptocurrency increased by 2.29%, trading at $0.512 at press time.

Highlights from Ripple's Q3 XRP market report

Ripple recently published its Q3 XRP Markets Report, which provides transparency and updates on the company’s views on the state of crypto markets and relevant XRP Ledger and XRP-related announcements.

The major highlights of the report include that XRP’s status as a nonsecurity remains the law of the land. Ripple filed its Form C in response to the SEC's appeal, which does not address whether XRP is a security. The SEC's ongoing legal action against Ripple appears to be a significant factor influencing the price of XRP.

Bitwise, Canary and 21Shares all filed S-1s for XRP ETFs, indicating that institutional interest in XRP investment products remained strong.

Leading issuer Grayscale launched an XRP Trust and filed to convert a multi-coin fund that includes XRP into an ETF.