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According to CoinGlass data, XRP suddenly saw a 203% hourly volume spike on the United States-based major cryptocurrency exchange Kraken as traders flocked in to profit from the recent market volatility.
The surge comes as spot U.S. traders continue to show interest in XRP, the third largest cryptocurrency by market capitalization amid ETF optimism. REX-Osprey ETFs have passed the SEC’s 75-day review and are expected to launch soon, with products including an XRP ETF.
In the last 24 hours, XRP has attracted $73,588,344 in trading volume on Kraken, ranking among the top traded assets on the crypto exchange.
XRP has recorded $6.67 billion in trading volume in the last 24 hours, marking a 31% increase, according to CoinMarketCap data.
The crypto market has seen upside action in the last 24 hours with the majority of digital assets posting significant gains, including XRP.
XRP price action
XRP continued its rally in the early Saturday trading session, up 3% in the last 24 hours to $3.14. The cryptocurrency is on course to mark its fourth day of rise since Sept. 9, having broadly risen since the Sept. 1 low of $2.69.
The rise has surpassed the daily SMA 50 at $3.01, which has capped XRP's price since Aug. 19. With this crucial barrier removed and a high of $3.18 reached on Saturday, the next barrier remains at $3.38 and $3.66.
If a decisive breach above these key levels is achieved, XRP might aim at $4. So far, XRP is up 15% in September, a month historically deemed bearish for cryptocurrencies. In the event of a drop, XRP would seek to flip the daily SMA 50 barrier at $3 into support.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team