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XRP trading volume has surged by 62% in the past 24 hours, reaching a staggering $5.12 billion, according to CoinMarketCap data. The spike in activity has sparked renewed interest in the cryptocurrency community, with investors awaiting the next move.
The increase in volume comes amid a period of increased volatility across the broader market.
Crypto prices fell over the weekend as investors reacted to fresh market uncertainty, with Bitcoin going below $100,000, Ethereum losing 10% and XRP sliding to multi-month lows. Liquidations accelerated across the cryptocurrency market on Sunday, topping $1.01 billion.
XRP hit a low of $1.9 on Sunday, from where it regained its footing. The $2 level has emerged as a key support level, bolstered by increased buying activity and reduced sell-side pressure, with the XRP price returning to this level early in the Monday session.
At press time, XRP was down 1.72% in the last 24 hours to $2 as selling pressure remained on the market, with $656 million in liquidations. Bullish traders were hit with $472 million in losses, while short liquidations went for $155 million.
XRP's trading volume remains higher amid the drop, implying that the market is actively repositioning.
XRP price action
XRP's range of $2 and $2.65 resolved to the downside on Sunday, indicating increased bearish pressure.
In the coming sessions, the $2 level will be eagerly followed, as will the $1.90 level, where XRP rebounded on Sunday. A drop below this level might send XRP tumbling to the $1.61 support. Buyers are expected to actively defend the $1.61 level, as a break below it might trigger a drop to $1.28.
To avoid a collapse, the bulls must quickly push the price above $2. XRP might then move to the moving averages, where bears are expected to pose a significant challenge.
Vladislav Sopov
U.Today Editorial Team