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As the cryptocurrency market faces a significant downturn, XRP has ignited a remarkable 125% surge in trading volume.
According to CoinMarketCap data, XRP is experiencing a 138% increase in 24-hour trading volumes, amounting to a whopping $3.96 billion.
The increase in XRP trading volume comes at a critical time for the cryptocurrency market, which is characterized by sharp declines in the prices of major digital assets. This unexpected move has caught the attention of investors and analysts alike.
The surge in XRP's volume can be attributed to a variety of factors, although the exact reason remains unknown. It could be a strategic move by investors to capitalize on lower prices, anticipating a potential rebound.
Additionally, the increased activity may also reflect a renewed interest in XRP, even as the market at large experiences a crash.
XRP price takes unexpected turn after golden cross formation
XRP recently posted its first golden cross pattern of the year, sparking intrigue and speculation among investors and analysts alike. The golden cross, a technical analysis pattern characterized by the 50-day moving average crossing above the 200-day moving average, is often viewed as a bullish signal indicating a potential upward trend.
However, despite the optimism surrounding the golden cross formation, XRP's price trajectory took an unexpected turn, with the cryptocurrency witnessing a notable decline in value shortly thereafter.
The XRP price fell dramatically in early Tuesday trading, reaching lows of $0.571 from highs of $0.648. The previous day, XRP reached highs of $0.669, culminating in a two-day price rally.
Tomiwabold OlajideAt the time of writing, XRP was down 4.59% in the last 24 hours to $0.582, albeit posting lower losses among the top 10 cryptocurrencies.
Investors and traders are keeping a close eye on XRP's progress as it navigates the market's uncertainties. Potentially, the first indication of price weakness would be a break below the daily moving average of 200 at $0.57.
Arman Shirinyan
Godfrey Benjamin
Vladislav Sopov
Dan Burgin