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.
XRP, the fourth-largest cryptocurrency by market cap, is trading down as the broader crypto market faces selling pressure in the early Wednesday session.
The crypto market is on edge as investors anticipate a slew of key economic data. Investors are keenly anticipating a batch of fresh economic data that will provide insights into the health of the U.S. economy. Also, the personal consumption expenditures price index for March, the Federal Reserve's favored inflation gauge, is anticipated.
Bitcoin and the majority of crypto assets are trading in the red, with $328 million reached in liquidations in the last 24 hours, per CoinGlass data.
XRP itself was not immune to the bearish trend, down 6.35% in the last 24 hours to $2.137, and will mark its second day of dropping.
$3 billion XRP reached in 24 hours
According to CoinMarketCap data, XRP trading volume has surpassed $3 billion in the past 24 hours, although XRP price stays in the red.
This decline comes after recent bullish attempts to break past key resistance levels, notably the daily SMA 50, which is now at $2.19, and has so far failed to produce a sustained breakout. The price retreat suggests short-term profit-taking or a cooling-off period following recent rallies.
The recent price drop has seen XRP fall below the daily SMA 50 at $2.19, with a target at the support at $2.02, which coincides with the daily SMA 200 if it declines further.
According to Glassnode, XRP Hot Capital rose from $0.92 billion on April 20 to $2.17 billion on April 28, which marks a 134.9% surge. Despite this rebound, the metric remains nearly 72% below its December 2024 peak of $7.66 billion.
The spike in trading volume, however, may signal that buyers and sellers are actively repositioning in anticipation of the next move.
Vladislav Sopov
Dan Burgin