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Following a period of low trading activity, XRP, the fourth-largest cryptocurrency by market capitalization, has once again reached $5 billion in daily trading volume.
According to CoinMarketCap, XRP trading volume has reached $5.03 billion, marking an 86% surge in just 24 hours. The sudden spike in trading activity comes after a period of relative stagnation for XRP, with volumes remaining significantly below recent highs.
XRP rose as cryptocurrency prices surged in Thursday's trading session, with Bitcoin reaching a five-week high as investors felt more confident about the growing acceptance of digital assets.
At press time, XRP was up 4% in the last 24 hours to $2.28, extending Wednesday's recovery from lows of $2.15.
Crypto firm Ripple is applying for a national bank charter in the United States, CEO Brad Garlinghouse announced in a social media post on Wednesday, after a similar move by stablecoin behemoth Circle.
$3 next?
XRP reached an intraday high of $2.31, alongside bullish expectations on the options market.
The $3 strike call option for XRP is the most actively traded, with significant buy trades reflecting investor optimism. The $3 call is also the most popular bet based on the increase in open interest, or the number of active or open contracts, over the last seven days.
While the latest gain has surpassed the daily SMA 50 at $2.233, XRP will now be watched to see if it can sustain above this barrier, which has mostly restricted its price since February. The XRP price attempted to surpass it in March and traded above it for much of May before falling back below it.
Aside from the daily SMA 50, the next barrier comes at the daily SMA 200 at $2.36, ahead of $2.65, clearing the path to $3. On the other hand, if bearish pressure returns, XRP appears to have confirmed support near $2.
Vladislav Sopov
U.Today Editorial Team