In a dramatic surge of activity, the trading volume of XRP, a leading cryptocurrency, has spiked by a staggering 30% over the past day, soaring to $794 million in the spot market alone, as reported by CoinMarketCap.

Simultaneously, data from CoinGlass reveals a notable 11.29% increase in the volume of XRP derivatives trading, specifically perpetual futures, reaching an impressive $608.21 million within the same 24-hour period. With both spot and derivatives markets experiencing heightened activity, the total trading volume of XRP during this period is estimated at a formidable $1.4 billion.

This surge in trading volumes comes at a pivotal moment as XRP edges closer to the significant milestone of a $30 billion market capitalization. Presently, the cryptocurrency stands at $29.32 billion, with just a mere 2.26% separating it from achieving this key benchmark. Notably, XRP has previously breached this threshold on several occasions, only to falter in maintaining a stronghold above it.

The escalating trade volumes underscore a renewed fervor among market participants, signaling heightened interest and activity surrounding XRP. Despite the surge, the ratio of market capitalization to trading volume remains within the normal range at 4.66%, indicative of healthy market activity.

As XRP's market capitalization inches towards the $30 billion mark, speculation abounds regarding its potential ascension among the top 600 largest entities globally. With revitalized interest from market participants driving momentum, the question of whether XRP can solidify its position above this significant milestone looms large, with the answer poised to unfold in the near future.