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XRP, the native token associated with Ripple Labs, has recorded significant activities in the last 24 hours. XRP, worth $4.84 billion, has hit different cryptocurrency exchanges within this time frame. This amounts to a total of 1,841,500,765 XRP as activities recorded a surge amid a price drawdown
XRP historical trends suggest breakout
XRP witnessed increased activities as market participants chose to reboot their interest in the asset. This led to a 13% leap in the trading volume to $4.84 billion.
Despite this upsurge in trading volume, XRP’s price has not significantly climbed within the same time frame. As of this writing, XRP is changing hands at $2.60, down by 3.05% in the last 24 hours.
Arman Shirinyan
XRP was trading at a high of $2.73 but gradually slipped to $2.55. The coin saw a price reversal from that low following increased market activity.
This reversal has fueled investors' hopes that XRP could continue its 90-day surge of 130%.
Prominent on-chain analyst Ali Martinez has identified an interesting price pattern with XRP. According to Martinez, XRP forms a "cup and handle" pattern that could support a bullish climb for XRP.
The analysts predicted that the XRP price could soar as high as $3.35 if the technical indicator triggers a similar historical trend. XRP investors are keen to see if the current upsurge in trading volume could catalyze that price prediction.
XRP ETF catalyst
Meanwhile, as market participants await a bullish recovery, the XRP ecosystem received "bullish news" from the U.S. Securities and Exchange Commission (SEC). On Feb. 14, the regulatory authority officially acknowledged the exchange-traded fund (ETF) filing of 21Shares.
Alex DovbnyaBesides 21Shares, other asset managers that have filed to launch spot XRP ETFs include Grayscale, WisdomTree and Bitwise.
The latest acknowledgment from the SEC in a series of XRP ETF filings marks an enormous message, according to Nate Geraci, ETF analyst. Should the ETF be approved, it would usher in institutional money, helping to fuel a long-term XRP price rally.
Dan Burgin
Vladislav Sopov