$2.47 Billion XRP in 24 Hours, What Happened?

Bullish sentiment has returned to the crypto market, as many coins have witnessed notable price increases. According to CMC, the total crypto market cap is currently at $2.14 trillion, a rise of 4.05% over the last day. The total market volume has also surged 27.05% to $65.19 billion, reflecting the intense trading activity.

XRP, one of the most popular altcoins, has also witnessed a big jump in its price. Over the past 24 hours, it has surged 4.17% to the $0.61 level. Moreover, the market cap of the Ripple-based coin has jumped 4.17% to a whopping $34 billion. The XRP price hit a low of $0.55 over the last week after massive gains witnessed earlier this month.

XRP sees intense trading activity

However, it appears that the brief correction period is over, as the coin is rallying again. Supporting this bullish momentum is the massive rise in trading activity for XRP. According to Coinglass, the trading volume of XRP has surged 105.84% in the last 24 hours. It is currently standing at the $2.47 billion level.

Additionally, there is an increase of 10.94% in Open Interest (OI), which currently stands at $712.63 million. It reveals that traders have increased their open positions for XRP, a solid indicator of rising investor confidence in the coin. The massive rise in the trading volume further supports this bullish outlook.

Another positive signal is emerging from the coin’s moving averages. XRP is currently trading above its 200-day simple moving average (SMA), according to TradingView. It is a crucial metric as it reveals the broader price movement of the coin. Since XRP is trading above this level, it clearly means that the broader outlook has remained bullish. Despite the recent correction, XRP is still expected to sustain its upward rally.