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XRP, the sixth-largest cryptocurrency by market cap, has witnessed an astounding 85% surge in trading volume as its price approaches a critical juncture. This decisive level, closely watched by investors and traders alike, could signal a significant shift in the market's direction for XRP.
When writing, the XRP price was down nearly 11% to $0.612, extending its decline since reaching a yearly high of $0.7449 on Monday. XRP's price loss mirrors a broader drop in the cryptocurrency markets, with Bitcoin falling from its most recent record high of $73,794 to lows of $65,569 in today's trading session.
In contrast, XRP trade volume has increased significantly, with an 85% rise attracting the attention of the cryptocurrency community. According to CoinMarketCap data, XRP's 24-hour trading volume exceeds $4.33 billion.
Similarly, XRP is gaining popularity in Korean markets, ranking as the fourth-most-traded asset on Upbit, South Korea's largest crypto exchange, up from eighth place.
Tomiwabold OlajideThe increase in trading volume could indicate increased interest and activity around XRP, implying that investors closely monitor price movements and even position themselves for what comes next.
XRP price nears decisive juncture
Attention is focused on XRP as it stands on the precipice of what could be a defining moment for its price.
XRP plummeted to a low of $0.5958 in today's trading sessions; eyes are now on the $0.584 level, which served as the springboard for its run to its 2024 peak of $0.7449. Once the XRP price reaches this level, it may initiate a recovery to its $0.7440 high.
A daily candlestick close below $0.584 may indicate a further decline in XRP. The February low of $0.53 could serve as support in this situation.
On the other hand, if XRP breaks through the $0.74 resistance, it may begin an ascent toward $0.85 and eventually $1.02.
Traders may as well pay attention to XRP's daily moving averages, which are expected to cross in the days ahead. The emergence of a golden cross may bolster bulls, while a death cross may indicate that XRP is nearing its bottom, potentially triggering a bullish advance.
Denys Serhiichuk
Vladislav Sopov
Dan Burgin