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XRP, the fourth-largest digital asset by market capitalization, is experiencing bullish sentiments with a massive surge in trading volume and a significant uptick in price. The coin rose by 124.3% in volume or $5.92 billion, sparking hopes of new price levels.
XRP volume soars, but price hits resistance at $2.30
However, data from CoinMarketCap shows that XRP suffered its first rejection at the rally. Despite the impressive trading volume, XRP could not flip the $2.30 price mark as the coin’s value began to drop at $2.2962.
As of this writing, XRP's price changed hands at $2.24, a 4.46% surge in the last 24 hours. The coin has lost $0.06 after witnessing its first rejection at a significant price level.
Alex DovbnyaWithin the same period, the trading volume also slightly dipped to 116.26% or $5.86 billion. The XRP price chart shows movement, but not one that investors like to see, as it is on a downward trajectory.
This development might prove temporary, and XRP could rebound from it to attain higher levels, considering broader ecosystem development.
Notably, XRP whales have been active, with over 650 million XRP tokens transacted in April. If these ecosystem whales go on an accumulation spree, it could support XRP’s journey to attaining new levels.
Could new SEC chair catalyze growth?
Some market participants remain optimistic that XRP’s price rejection at $2.30 will not last long, as the market is now generally bullish.
Additionally, Paul Atkins's formal assumption of office as the new Securities and Exchange Commission (SEC) chair could catalyze XRP’s price increase.
Gamza KhanzadaevThere are projections that if XRP breaches the $2.70 price, its next surge could see it flip $3 as it moves in between $3.45 and $3.60.
In the meantime, investors remain watchful of price movement and hope the rejection will reverse into a rebound.
Vladislav Sopov
Dan Burgin