XRP Overtakes Ethereum in Trading Volume – $5 Next for XRP Price?

XRP has surpassed Ethereum (ETH) in trading volume, reflecting growing investor confidence. The cryptocurrency has recorded a strong price rally as its weekly gain surpasses Ethereum’s. This activity in the market may be a continuation of this trend, or XRP price could get to $5 soon.

XRP Outperforms Ethereum in Trading Volume and Price Growth

XRP’s $27.6 billion was a 24-hour trading volume, which topped that of Ethereum’s $27.64 billion. The asset is up 11.43 percent over the past day and 45.29 percent over the week. XRP was trading at $3.32 at press time with a market cap of $189.76 billion — making it one of the top performers amongst digital assets right now.

Meanwhile, Ethereum has declined by 0.32% in the last 24 hours while rising by 2.19% in the past seven days. Trading at $3,323.08, ETH is still trading very well, but is behind XRP in terms of recent momentum.

Whale Accumulation and Market Trends Fuel XRP’s Rally

Blockchain analysis firm Santiment had reported that 1.43 billion XRP have been collected by XRP whales in their last two months, or an increase of 37 percent in demand. XRP’s price surge and renewed bullish sentiment in the market has been due to this whale activity.

“Buying XRP at $3 may seem like a good idea, but buying when I did at $2.48—and during the dip at $2.40—would have been better. You’d already be up 24%,” said crypto analyst Ali, highlighting the recent price movement.

Short traders who bet prices would fall suffered $372 million in liquidations in the past 24 hours, as did the cryptocurrency market at large. At the same time, Bitcoin (BTC) briefly surpassed $100,000, giving a well needed emotional boost to the entire crypto industry.

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Technical Indicators Suggest XRP Could Break Its All-Time High

The rally for XRP has got the asset only 2% clear of its previous all time high at $3.40, which was hit in January 2018. A breakout above $3.4 could see further gains towards that much hyped $5 mark, according to technical patterns.

The analysts say XRP’s movement follows a bullish breakout pattern. However, if this continues, the asset could continue to rally for a long time.

Reports Suggest Trump’s Crypto Reserve Plans May Favor XRP Price

Additionally, the US President-elect Donald Trump considered an executive order to create a national crypto reserve, U.S. based digital assets were prioritized by them, said the New York Post. Therefore, XRP, Solana (SOL), USD Coin (USDC), can benefit from the adoption of this policy.

After the report, XRP reacted to price, jumping from $3.05 to $3.32. This also suggests that Trump has talked with the project founders and is open to altering the course of U.S. crypto policy.

XRP price is close to key resistance levels where increasing institutional interest and strong market momentum have traders and analysts watching it closely to see if it breaks above levels.