Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Over the last 24 hours, XRP, the seventh-largest cryptocurrency by market capitalization, has seen an increase in trading volume.
In a display of activity, 2.2 billion XRP tokens changed hands in just 24 hours, coinciding with a sell-off on the cryptocurrency market, which saw over $229 million in positions being liquidated.
This apparently triggered a flurry of trading as investors reacted to recent market fluctuations. Amid this, XRP has managed to attract considerable attention, with its trading volume surging by 46%, amounting to 2.2 billion XRP, or $1.1 billion.
At the time of writing, XRP was down 0.71% in the last 24 hours to $0.531. The token is down 15.84% in the past week, weighed down by the SEC's recent appeal move.
Tomiwabold OlajideIn the past week, the Securities and Exchange Commission (SEC) filed to appeal a 2023 court ruling that determined XRP is not considered a security when sold to retail investors on exchanges.
Last summer, Judge Analisa Torres handed down a decision in the Ripple lawsuit hailed as a landmark win for the crypto industry. The decision determined that XRP is not a security when sold to retail investors on exchanges, but certain institutional sales were found to have violated securities law.
XRP's price drop in the last 24 hours coincides with a broader market sell-off, with BTC falling below $62,000 late Monday after briefly nearing $64,000, wiping away nearly all of its gains over the previous seven days. Major cryptocurrencies Solana (SOL), Ethereum (ETH) and BNB all fell up to 4%, retracing Monday's gains.
What's next for XRP price?
On the upside, XRP must firmly surpass the $0.546 level at the daily MA 200 to advance to the daily MA 50 at $0.5344, ahead of the Sept. 29 $0.66 high.
To initiate a fresh rally, XRP would need to flip $0.66 into support, which would test its overhead resistance at $0.75. This level has been tested three times in the past two years, with the most recent retest in February 2024.
A major advance above $0.75 should provide a clear path to $1. There is no resistance between $0.75 and $1.00, thus, if the $0.75 resistance is converted to support, the next target might be $1.
Arman Shirinyan
Godfrey Benjamin
Vladislav Sopov
Dan Burgin