XRP has witnessed a significant surge in trading volume, with a staggering $1.6 billion worth of trade in the last 24 hours. This surge comes as the price of XRP experiences a notable leap in value, indicating renewed interest and activity within the cryptocurrency market.
According to CoinMarketCap data, 2.869 billion XRP, or $1.6 billion worth of XRP, has been traded in the last 24 hours, a 61% increase from the previous day.
The trading volume surge was accompanied by a price jump of nearly 5%, as XRP reached a high of $0.559 in early trading today. The last time XRP traded near this level was about a month ago, on Jan. 18.
The $1.6 billion worth of traded XRP indicates substantial liquidity within the XRP market, providing investors with ample opportunities to buy and sell the cryptocurrency. This liquidity is crucial for maintaining a healthy and vibrant market, allowing for efficient price discovery and minimizing the impact of large trades on XRP's price.
The recent price and volume spike in XRP could be attributed to various factors, most likely the positive sentiment in the overall cryptocurrency market, as Bitcoin touched $52,000, its highest level since December 2021.
XRP has been a beneficiary of the market's positive sentiment, seeing positive inflows for two consecutive weeks, per a recent CoinShares report.
XRP has been on a steady rise since hitting lows of $0.485 on Jan. 31. The rally progressed, with the price slightly surpassing the daily MA 50 barrier at $0.553.
That said, XRP's further advances might depend on a sustained close above its daily moving averages of 50 and 200 at $0.552 and $0.568, in which case XRP might progress to retest the $0.62 level. If the bulls succeed, the $0.658 and $0.70 levels might come into view.
On the other hand, the $0.50 level seems like a formidable support for the XRP price if bears make a comeback.