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XRP Sees 112% Increase in Trading Volume as Token Stays Underbought per This Metric

Mon, 03/13/2023 - 14:03
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Tomiwabold Olajide
XRP remains underbought at current levels
XRP Sees 112% Increase in Trading Volume as Token Stays Underbought per This Metric
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XRP's trading volume suddenly jumped 112%, according to CoinMarketCap data. The jump in trading volume was not accompanied by a significant price increase, which leads to speculation as to the reason for the sudden rise in volume.

According to WhaleAlert, 872 million XRP were moved recently after Ripple revealed it had some exposure to the collapsed SVB.

At the time of writing, XRP was marginally down by 0.65% in the last 24 hours at $0.3612.

Santiment's MVRV, which determines the likelihood of future price movement based on the sentiment surrounding an asset at any particular time, indicates that XRP is underbought.

XRP, Cardano (ADA) Reveal Key Signal for Traders, Here's What to Know

According to a recent chart released by on-chain analytics company Santiment, XRP is in the opportunity zone, where prices are more likely to increase.

Since reaching highs of $0.432 on Jan. 23, XRP entered range trading after a price decline. On the upside, the immediate key barriers for XRP to overcome to trend higher are the $0.388 and $0.399 levels.

On the other hand, support seems to be forming at the $0.3515 mark to forestall further declines.

XRPL's XUMM wallet receives game-changing update

XRPL's self-custody wallet, XUMM, has received new updates with the release of version 2.4.0. The release, which has been in development for months, is packed with significant changes that enhance security and make transactions more convenient.

More big news is that pathfinding payments are now available in XUMM. This allows users to pay with any token available on XRP Ledger, and the beneficiary receives the exact currency they requested.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.