XRP has witnessed a significant surge in trading volume, with a staggering $1.6 billion worth of trade in the last 24 hours. This surge comes as the price of XRP experiences a notable leap in value, indicating renewed interest and activity within the cryptocurrency market.
According to CoinMarketCap data, 2.869 billion XRP, or $1.6 billion worth of XRP, has been traded in the last 24 hours, a 61% increase from the previous day.
The trading volume surge was accompanied by a price jump of nearly 5%, as XRP reached a high of $0.559 in early trading today. The last time XRP traded near this level was about a month ago, on Jan. 18.
The $1.6 billion worth of traded XRP indicates substantial liquidity within the XRP market, providing investors with ample opportunities to buy and sell the cryptocurrency. This liquidity is crucial for maintaining a healthy and vibrant market, allowing for efficient price discovery and minimizing the impact of large trades on XRP’s price.
XRPUSD Daily Chart, Courtesy: TradingView
The recent price and volume spike in XRP could be attributed to various factors, most likely the positive sentiment in the overall cryptocurrency market, as Bitcoin touched $52,000, its highest level since December 2021.
XRP has been a beneficiary of the market’s positive sentiment, seeing positive inflows for two consecutive weeks, per a recent CoinShares report.
XRP has been on a steady rise since hitting lows of $0.485 on Jan. 31. The rally progressed, with the price slightly surpassing the daily MA 50 barrier at $0.553.
That said, XRP’s further advances might depend on a sustained close above its daily moving averages of 50 and 200 at $0.552 and $0.568, in which case XRP might progress to retest the $0.62 level. If the bulls succeed, the $0.658 and $0.70 levels might come into view.
On the other hand, the $0.50 level seems like a formidable support for the XRP price if bears make a comeback.
