XRP, the fifth largest cryptocurrency, is attempting to recover after yesterday's brief rise and consequent fall following speculations of a BlackRock ETF filing.
At the time of writing, XRP was up 1.67% in the last 24 hours to $0.663, being the only asset in green among the top 10 cryptocurrencies that traded in losses within this time frame.
According to CoinMarketCap data, XRP has triggered a 244% spike in trading volumes, given the events of the past day.
A total of $3,550,863,245 worth of XRP, or 5.32 billion XRP, were swapped between buyers and sellers in the last 24 hours, representing trading volume.
XRP briefly touched highs of $0.748 in Monday's trading after X (Twitter) users drew notice to a Delaware document suggesting BlackRock applied to register the "iShares XRP Trust," a forerunner to the launch of an exchange-traded fund (ETF).
The price gains, however, quickly dispersed after the filing was confirmed as fake. Bloomberg ETF analyst Eric Balchunas debunked the report while speculating that the act might have been carried out by an imposter.
A silver lining, however, presented itself for the XRP price as it retested a key buying level at $0.64, from where it picked up a rebound. Bears have consistently failed to pull the XRP price beneath this key level since Nov. 11, and this time was no exception.
Going forward, if the rebound sustains, XRP might aim for a retest of the $0.732-$0.74 range before targeting the $0.85 level.
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