Ripple’s XRP Secures $1.6B Trading Volume in Just 24 Hours

Ripple’s XRP surges alongside broader crypto rally, with trading volume and price hitting highs not seen since January.

Guy sees so many XRP transactions moving.
Created by Kornelija Poderskytė from DailyCoin
  • The trading volume and price of XRP have surged, indicating a return of investor interest.
  • XRP must hold above key moving averages to reach $0.62 or even $1.
  • Bearish reversals for XRP remain possible, as $0.50 has become a crucial support level.

Ripple’s XRP is back in the spotlight, experiencing a surge in trading volume and price growth alongside a positive wave in the broader cryptocurrency market. Recent data reveals a significant jump in XRP activity, suggesting renewed interest and potential upside for the digital asset.

XRP Surges 61% in Trading Volume

Over the past 24 hours, a staggering $1.6 billion worth of XRP has been traded, representing a 61% increase from the previous day. This surge in trading volume coincided with a 5% price increase, pushing XRP to a high of $0.559, its highest level since January 18th. 

This significant liquidity within the XRP market provides investors ample opportunities to engage with the token and contributes to efficient price discovery. Experts point to several potential catalysts for this recent upswing. 

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Most notably, the overall cryptocurrency market has experienced a positive trend, with Bitcoin reaching its highest level since December 2021, surpassing the $52,000 mark. XRP has historically benefited from marketwide bullish sentiment, and this latest rally appears to be no exception.

XRP’s steady climb began after hitting lows of $0.485 on January 31st. Since then, it has surpassed the daily MA 50 barrier of $0.553, indicating strong momentum. However, further advancements may hinge on XRP’s ability to consistently trade above its key daily moving averages, specifically the $0.552 and $0.568 marks. 

XRP Eyes $0.62 Test

If successful, this could pave the way for a retest of the $0.62 level and potentially even higher targets like $0.658 and $0.70. Of course, the market remains dynamic, and potential bearish reversals are always possible. Should this occur, the $0.50 level is crucial for XRP’s price.

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While the future trajectory of XRP remains uncertain, the recent surge in trading volume and price growth suggests renewed market interest and optimism for the token. As the overall cryptocurrency market navigates its dynamic landscape, XRP’s performance in the coming days and weeks will be closely watched by investors eager to gauge its potential for further advancement.

On the Flipside

  • Ripple remains embroiled in a legal battle with the SEC, accused of selling unregistered securities.
  • Like other cryptocurrencies, XRP’s price is prone to significant fluctuations, and recent gains may not be sustained.

Why This Matters

XRP’s resurgence, mirroring a broader market upswing, indicates potential for significant upside. Its ability to break key resistance levels could trigger further rallies while exceeding $0.62 opens doors to even higher targets. However, careful monitoring of support levels is crucial in this ever-evolving market.

To learn more about the ongoing lawsuit between Ripple and the SEC, and its potential impact on the wider digital asset landscape, read here:
Ripple vs. SEC Settlement Rumors Swirl But Experts Cry Wolf

Despite challenges, Ripple’s future seems bright after a strong start to 2024. Read about it here:
Ripple XRP Starts 2024 Strong with String of Victories

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.