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XRP had a substantial price surge in the past 48 hours, which was one of the least expected recoveries out there. Apart from the price increase, we are seeing a substantial volume surge.
The price of XRP has surged to $0.52 in the last two days. The 50 EMA at $0.48, the 100 EMA at $0.50 and the 200 EMA at $0.52 are just a few of the significant resistance levels that XRP has crossed above thanks to this spectacular rally. The market is showing strong bullish momentum when it is able to break through these important barriers.
Alex DovbnyaA discernible rise in trading volume coincides with the price surge. The bullish sentiment is supported by the daily chart, which displays a notable increase in volume. This spike in activity suggests that traders and investors are more interested in and involved in the market, which is helping to drive prices higher. Furthermore, on-chain data offers more understanding of XRP's recent performance.
Transactions on XRP have jumped to 2.55 million in the last 24 hours, which is a substantial increase over prior levels, according to Messari. Furthermore, the number of transaction transfers has increased to 1.47 million, a sign of increased activity and usage on the XRP network. According to these metrics, XRP is becoming more widely used and adopted, which probably contributed to the recent price spike.
With XRP's relative strength index (RSI) at 66 right now, it appears that the asset is getting close to overbought territory. It is important to exercise caution, because this could indicate a short-term pullback even though it shows strong buying pressure. But XRP might continue to rise if the bullish momentum holds.
Alex Dovbnya