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XRP Trading Jumps 86% as Price Hits 50 Cents: Big News Incoming?

Tue, 05/30/2023 - 09:54
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Gamza Khanzadaev
XRP trading volume almost doubles as price is back to important mark
XRP Trading Jumps 86% as Price Hits 50 Cents: Big News Incoming?
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In an eventful trading day, the price of XRP has demonstrated impressive dynamics, making it the most profitable content authoring token among the top 100 by market capitalization. A significant milestone was reached as the XRP price surged above $0.5 per token, reinstating confidence among investors and marking an important psychological milestone. Consequently, the trading volume for XRP has witnessed a remarkable surge of more than 85% over the past 24 hours.

XRP to USD by CoinMarketCap

XRP Network Experiences Historic Address Activity Over Two Consecutive Days

The surge in activity observed earlier today, as reported by U.Today with reference to Santiment, seems to have a causal relationship. Recent data indicates that XRP witnessed the second and third largest spikes in address activity ever recorded, suggesting a clear cause-and-effect pattern. Drawing parallels with a similar occurrence on March 18, it is plausible to anticipate further price escalation for XRP. During the previous episode, the price of XRP soared by 45% within a span of 10 days following the spike in activity.

What to expect?

If we stick to the opinion that all the news is in the price in advance, then maybe soon we will have some kind of information bomb on XRP and what surrounds the token. The end of the SEC v. Ripple case? Can't rule it out.

Anyway, the recent surge in the price of XRP is already welcome news for investors who have remained resilient amid a volatile market. This surge in value not only signals renewed investor confidence but also highlights the potential for further growth in the token's market value.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.