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XRP Draws Traders' Interest as Volumes Jump 111%

Mon, 11/14/2022 - 14:44
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Tomiwabold Olajide
XRP trading volumes jump 111%, Binance accounts for largest share
XRP Draws Traders' Interest as Volumes Jump 111%
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XRP is seeing trader interest grow as its trading volume is up 111% in the last 24 hours. Amid the current market scenario, several crypto assets posted bearish action coupled with a decline in trading volumes.

The recent FTX implosion and its subsequent hack sent shockwaves across the entire crypto industry. Several cryptocurrencies tumbled, including XRP.

XRP dipped for three consecutive days to reach intraday lows of $0.358 at press time from where it made a rebound. XRP is currently trading up 2% at $0.354, reaching intraday highs of $0.358.

XRP Trading Volumes Suddenly Up 542%, What's Happening?

Most likely, the rise in XRP volume may have been caused by investors wanting to buy XRP at its recent lows. Traders have probably been scurrying to take advantage of the opportunity presented by the recent XRP volatility. The total number of units traded between buyers and sellers, or trading volume, is, however, said by some observers to be an unreliable measure of investor positioning.

Top crypto exchange Binance accounted for a larger chunk of trading volumes.

XRP price action

Over the past seven days, XRP has seen a drop in value, as it lost 25.25%. Meanwhile, it has traded in a range of $0.3203 to $0.4668 in the past seven days.

On the upside, a flip of the $0.40 barrier at the daily MA 200 to a support floor might be crucial in recovering the recent losses. In such a case, the XRP price could rise 12% to $0.447 and then reach the $0.47 level.

On the other hand, further declines from its current levels might see a retest of the $0.32 level ahead of the $0.314 floor.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.