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XRP, the third-largest cryptocurrency, has seen a spike in both trading volume and price over the last 24 hours.
According to CoinMarketCap data, XRP’s trading volume has increased by more than 80% over the last 24 hours, reaching $8.99 billion. This is driven by trade volumes of more than $1 billion on the Korea-focused exchange Upbit.
This jump in trading activity coincided with a 9% increase in XRP’s price, which reached as high as $2.60 during Saturday’s session before falling slightly.
XRP started rising from lows of $2.24 on Friday to reach highs of $2.60 in Saturday’s session. At the time of writing, XRP had pared some of its intraday gains but was still up 4% in the last 24 hours to $2.50.
This performance places XRP among the top gainers in the market, with only Cardano (ADA) posting a larger 5.64% gain in the same period. XRP has likewise risen 7% in the last seven days.
Related
The crypto market is seeing mixed price action in Sunday’s trading session, with several cryptocurrencies trading in the red. Bitcoin (BTC) and Ethereum (ETH) are slightly down in the last 24 hours, while XRP’s momentum continues to gather steam, signaling potential for further gains.
Is bigger move on horizon?
The enormous increase in trade volume indicates increased interest in XRP, implying that more capital is moving into the asset. This might also indicate the start of a larger rally, with technical analysts keeping a tight eye on price levels for any signs of further bullish momentum.
According to a chart posted by veteran trader Peter Brandt, XRP has resolved a bullish pennant, with potential for further gains if the breakout sustains.
That said, a decisive break above $2.60 might extend the current rise. Likewise, key resistance levels around $2.72 and $2.90 might be critical in determining whether XRP can initiate a fresh move.
Should XRP break through these levels, it could signal the beginning of a larger uptrend, potentially propelling it to new highs. In contrast, failing to maintain momentum may result in a consolidation phase or even a pullback as traders lock in profits. In this scenario, the daily SMA 50 around $2.24 remains an important level to monitor for XRP’s immediate support.
Source: https://u.today/xrp-skyrockets-80-in-volumes-is-bigger-move-coming