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XRP, the seventh largest cryptocurrency by market cap, has seen an increase in trading volume, hitting $1.47 billion or 2.62 billion XRP, according to CoinMarketCap data. However, though impressive, this represents a mere 7% increase in volume over the last 24 hours.
This week, XRP saw a price reversal after days of lackluster action, breaking above key barriers that had held it back in recent times.
XRP made a recovery following its recent consolidation, with a four-day spike that saw its price reach $0.57 during Thursday's trading session. Despite facing resistance at this level and somewhat retreating, XRP is up 8% for the week.
Tomiwabold OlajideThe recent price action might have reignited interest in XRP, as traders and investors closely monitor its movements. The 7% volume increase over the past 24 hours, though minute, suggests that market participants might be gradually stepping in, which remains positive for XRP.
What's next for XRP price?
XRP’s recent rise reflects broader optimism in the crypto market, which saw Bitcoin surpass $77,000 toward the week's close.
The recent rally saw XRP break above the daily SMA 50 and 200, which constricted its price action in recent weeks. The XRP price however declined after, confirming short-term resistance at $0.57, and would mark the second day of losses if today closes in red.
Undeterred, traders continue eyeing potential breakout levels. The $0.57 level has become a key battleground for bulls, who may be gearing up for another attempt to push the price higher.
Should XRP break through this resistance, the next targets could open up higher levels, possibly to $0.665 and even $0.748, though further consolidation or slight corrections might occur before a sustained rally.
This bullish outlook might, however, be invalidated if XRP drops below its daily moving averages of 50 and 200, implying an extended-range trading with support near $0.487.
At the time of writing, XRP was down 0.55% in the last 24 hours to $0.5488.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya