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.
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.
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.
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.
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.