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In the last seven days, the XRP price has risen by 3.8%, boosting investor confidence in the altcoin. This has triggered a significant surge in trading volume over the last 24 hours. According to CoinMarketCap data, XRP has experienced a surge of over 144% in volume.
XRP trading volume soars past $4.9 billion
Notably, as of press time, XRP trading volume stands at $4.94 billion, representing a 144.62% increase within this period. The volume spike likely came as market watchers observed that the asset’s price held above the critical $2.84 support.
This marks a significant shift from its previous 66% decline in the last 48 hours, when volume value stood at around $2 billion. The development had caused concerns on the market as to its effect on the price upward trajectory.
As of press time, XRP was changing hands at $2.90, which represents a 2.58% increase in the last 24 hours. The coin is showing potential for more upside growth, with a Relative Strength Index (RSI) at 47.78, a neutral position.
With ecosystem bulls successfully defending the $2.84 price level, sustained momentum could help XRP flip $3 and target $3.05.
The much-anticipated exchange-traded fund (ETF) hype could help sustain ongoing bullish sentiment in the community. The Securities and Exchange Commission (SEC) has pending applications before it.
The applications of Franklin Templeton and Grayscale, among others, are under review, and with the October timeline approaching, some are betting 95% odds in favor of the regulatory body’s approval. If this happens, investors know it could unlock new inflows and impact the price positively.
Can XRP flip $3 price level?
If XRP maintains current buying pressure, the asset’s price could reclaim the $3 level and find stability once again above it. It, however, has to contend with the historical bearish outlook that most crypto assets face in September.
Historical data shows that XRP has average growth of 13.9%, and this might count as a strength for the asset.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team