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XRP is up 1.51% in the last 24 hours to $1.40, sitting on a support range where 3.2 billion tokens were traded.
According to Ali, a crypto analyst, XRP is currently trading near key support. After rising nearly 71.8% from $0.988 to $1.698, XRP saw a 20% correction and is now testing a major support zone.
Citing data from the URPD indicator, about 3.2 billion XRP were traded between $1.35 and $1.38, making this one of the most important demand levels. As long as this support holds, the next resistance barrier range to watch is between $1.60 and $1.86.
Specifically, the key price points are $1.60, where 1.99 billion XRP were traded; $1.68, where 1.98 billion XRP were previously traded; and $1.86, where 3.47 billion XRP were traded.
A breakout above $1.86 could pave the way for a rally toward $2.19, where another 3.12 billion XRP were previously traded.
XRP price reversed after rising to $1.69 on August 22. The drop coincides with a spike in the estimated leverage ratio for XRP on Binance, rising to a seven-month high, reflecting traders' reliance on leverage in the derivatives market. Traders opened larger positions amid increased activity and speculation in the derivatives market, leading to a larger portion of market activity linked to leveraged positions, which amplified XRP's price movement.
XRP remains down 6.51% in the last seven days, with the price marking four out of six days in losses. XRP will seek to convert the daily MA 200 (currently at $1.27) into support to boost the case for the bulls.
XRP and Ripple news
The circulating supply on the XRP Ledger has surpassed $1 billion, currently at $1.04 billion according to Ripple's stablecoin tracker.
The Securities and Exchange Commission cleared the registration for XRP treasury company Evernorth in the past week, leaving one shareholder vote before it can list on Nasdaq.
Ripple, in the past week, announced the launch of its Delta One business within Ripple Prime, its global, multi-asset prime brokerage platform.
U.Today Editorial Team
Dan Burgin
