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The XRP price has initiated a major rebound today. The coin appears to be breaking the shackles as it enters a bullish price zone. While the sentiment is shifting, XRP has also witnessed a remarkable surge in one of the most crucial metrics.
The trading volume of XRP, per Coinglass data, has skyrocketed 143.81% today. It is currently at $2.02 billion, showing a huge rise in trading activity for the coin. This surge in trading volume is seen across notable crypto exchanges.
Binance leads the way with $622.13 million as Bitget and Bybit follow suit with $341.28 million and $402.46 million, respectively. The rest of the trading activity comes from other prominent crypto trading platforms. This is a prominent sign for the brainchild of Ripple as it shows increasing investor interest in the coin.
XRP price surges
The latest surge in trading activity has injected bullish momentum into the market. The price of XRP has soared 4.50% to $0.4691 in the last 24 hours, as of writing time. Moreover, the market cap of the coin has risen 4.67% to a whopping $26.17 billion.
However, there are still some worrying signs amid this latest XRP price surge. The coin is currently trading below its 200-day simple moving average (SMA), per the latest data from TradingView. Consequently, XRP needs to reclaim this level in order to sustain its current rally in the coming days.
Considering the rising trading activity and this recent price surge, it appears that bulls can push XRP above this price level. While it may act as a barrier in the short term, XRP is expected to break through it and enter a long term bullish zone. Overall, the XRP price outlook is looking optimistic, and we may see further gains in the future.
Dan Burgin
Tomiwabold Olajide