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XRP, the seventh-largest cryptocurrency by market capitalization, has experienced a rise in trading activity during the last 24 hours, as evidenced in its trading volumes.
This spike in activity comes as a broad market sell-off has led to substantial liquidations, amounting to $321 million across various digital assets.
According to CoinMarketCap data, a staggering $1.55 billion ($1,558,930,337) worth of XRP has been traded in the last 24 hours, representing a 63% increase in trading volumes.
The surge in trading activity around XRP comes as the broader market faces intense selling pressure. The cryptocurrency market has been undergoing a major sell-off, leading to widespread liquidations.
In the past 24 hours alone, liquidations have reached a staggering $321 million, according to CoinGlass data. This wave of selling pressure has affected numerous cryptocurrencies, resulting in sharp price declines and heightened volatility.
Tomiwabold OlajideXRP has been no exception, currently down 6.15% in the last 24 hours to trade at $0.4517.
The surge in trading volumes might suggest that XRP is garnering attention and attracting both buyers and sellers during this volatile period.
The cryptocurrency market's present scenario reflects a mix of fear and opportunism. While some investors are liquidating positions to avoid further losses, others are capitalizing on lower prices to accumulate assets. XRP's increased trading volume may indicate interest from traders seeking to navigate the market's volatility.
What's next for XRP price?
In the short term, the market is closely monitoring XRP price movements in the context of the ongoing sell-off.
If the XRP price falls further from its current level of $0.457, it might eventually reach $0.41. Meanwhile, bulls are predicted to vigorously defend the range of $0.41 to $0.46.
On the upside, buyers must overcome the immediate hurdle of the daily SMA 50 at $0.503. This is a critical resistance to watch out for since a break above it might indicate the start of a strong recovery toward the daily SMA 200 at $0.554 and eventually the $0.57 level.
Dan Burgin
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Vladislav Sopov