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XRP Soars With $540 Million Market Cap Boost: Details

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Thu, 8/02/2024 - 15:48
XRP Soars With $540 Million Market Cap Boost: Details
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XRP has seen an increase in its price and market capitalization in the past 24 hours. According to CoinMarketCap, XRP is trading at $0.517, up 2.60% from the previous day. Its market cap has also risen by over $540 million in the same time frame, reaching $28.15 billion at press time.

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XRP has likewise regained the sixth spot in market capitalization, flipping USDC to the seventh spot.

The price increase coincides with positive sentiment on the crypto market, as Bitcoin and other major coins also saw gains. Bitcoin surged to a four-week high near $45,000 on Thursday, fueled by optimism in the stock market.

 TradingView
XRP/USD Daily Chart, Courtesy: TradingView

However, XRP's trading volume increased by only 11% over the last 24 hours, with worth traded in the time frame, highlighting investors' positioning.

According to Santiment, cryptocurrency trading volumes fell in February despite price increases, signaling trader indecision.

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Millions of XRP Snapped up by Whale as Price Prepares Epic Move

Santiment revealed that crypto trading volume over the last seven days totaled $288 billion, a 22% decrease from the previous week. Traders are showing indecisiveness, and FOMO or FUD should return once the next big market swing appears.

XRP is currently recovering from an earlier drop that saw it fall as low as $0.486 on Jan. 31. Although bulls have initiated a rebound from these lows, XRP remains in a range, trading below the $0.54 high.

Buyers must push and hold the XRP price above the $0.54 level to signal a range breakout and hint that the bears may be losing control. XRP might then attempt a rally above its 50 and 200-day moving averages of $0.565 and $0.574, respectively, which remain crucial levels to watch. A break above these levels may indicate the start of a rally to $0.658.

Related
XRP First Death Cross in 2024 Arrives; Here's Price Implication

If bears make a comeback, XRP may target a drop below $0.50, which could signal the start of the next leg of the downtrend to firm support near $0.47. This level has held on prior occasions since last year, so the bulls will attempt to halt the decline at this level once more.

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