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XRP, currently the fourth largest cryptocurrency by market capitalization, has seen a jump in trading activity, with its 24-hour trading volume skyrocketing by 71% to reach $2.98 billion, according to CoinMarketCap data.
This rise indicates increased interest and activity on the XRP market, as traders may be positioning themselves ahead of potential XRP price movements.
At the time of writing, XRP was up 1.97% in the last 24 hours to $2.45 and up 5% weekly. XRP is gaining traction among bulls after the United States Securities and Exchange Commission (SEC) dropped its long-standing lawsuit against Ripple last week, marking a significant turn for the coin.
In December 2020, the SEC filed its lawsuit against Ripple, alleging the sale of XRP as unregistered securities. In 2023, Ripple scored a win in the case when the judge determined that XRP in and of itself is not a security. After the final judgment was delivered, SEC filed an appeal challenging some aspects of the earlier verdict, and Ripple also initiated a countermove.
Tomiwabold OlajideThe SEC dropping its appeal in the lawsuit against Ripple puts an end to the case, thus sparking XRP optimism. Ripple Labs' IPO talk is heating up, adding more signs for bullish positioning.
Market sentiment recovers
According to the most recent CoinShares report, sentiment in digital assets is improving, with $644 million inflows reported last week, reversing a five-week trend of outflows. The sentiment in the altcoin space was, however, mixed. Ethereum experienced the largest withdrawals, with $86 million leaving the asset. On the other hand, XRP received $6.77 million in inflows.
Godfrey BenjaminWith such a substantial increase in volume, XRP traders will be keenly monitoring critical resistance and support levels. If the current momentum continues, XRP's price could rise further. However, if selling pressure increases, the asset may see temporary declines.
A breakout from the present trading range of $2.35 to $2.55 might result in significant swings in either direction. Short-term price targets range between $2.00 to $2.17 on the downside and $2.65 to $3.00 on the upside, with $2.50 remaining a key level to watch for the next breakout or breakdown.
Vladislav Sopov
Dan Burgin