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XRP up 96% in Trading Volume as XRP Price Finds Major Support

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Wed, 10/01/2024 - 13:07
XRP up 96% in Trading Volume as XRP Price Finds Major Support
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Popular cryptocurrency XRP has experienced a staggering 96% surge in trading volumes within the last 24 hours, according to data from CoinGlass. The total turnover has surpassed an impressive $2 million, showcasing an increased  level of activity on the XRP market.

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Based on data from both spot and derivatives markets, XRP eyes a significant spike in trading. Remarkably, this surge accounts for 6.66% of total market capitalization of the token, signaling a normative level of engagement among investors. As of the latest news, XRP's market capitalization stands at $30.65 billion, securing its position as the sixth-largest digital asset on the market, as reported by CoinMarketCap

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Source: CoinGlass

Crucial moment for XRP

This surge in trading volumes coincides with a notable movement in the XRP price. Over the past 24 hours, XRP experienced a substantial 4.52% drop, only to swiftly rebound and recover more than half of the losses, marking a 2.07% recovery.

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XRP to USD by CoinMarketCap

What adds intrigue to this development is the current XRP token trading price of $0.564, a level deemed as a crucial support. Since May 2022, the token has attempted to break out from this level three times, finally succeeding in July 2023 after a favorable ruling in the SEC v. Ripple case. However, the price has since revolved around this mark, dropping back to it. 

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Now, all eyes are on the cryptocurrency community to see whether XRP's quotes will rebound from this critical support level or succumb, potentially turning it into a resistance zone. The dynamics in play suggest a potentially pivotal moment for one of the leading digital assets on the market.

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