According to U.Today, XRP, the seventh-largest cryptocurrency, has seen a significant increase in trading volumes, rising by 223% amid a broader cryptocurrency market sell-off. The global markets experienced a bout of risk aversion on Monday, leading to substantial liquidations in the cryptocurrency market, surpassing $1 billion. CoinGlass data indicates that $1.13 billion were liquidated across the crypto market in the last 24 hours, with $963 million in bullish crypto positions forcibly closed due to margin calls, highlighting the unsustainability of leveraged bets.

CoinMarketCap data shows that XRP's trading volumes surged by 223% over the last 24 hours, amounting to $3.4 billion. This increase in trading activity suggests that investors are capitalizing on the volatile price movements. The substantial rise in XRP trading volume may indicate that traders are taking advantage of price swings to execute short-term trades. Speculative interest and news-driven trading could also be contributing to the heightened activity.

XRP has been under selling pressure, falling for five consecutive days after reaching highs of $0.659 on July 31. This continuous sell-off has pushed XRP to levels that have garnered significant market attention. At the time of writing, XRP was down 16.77% in the last 24 hours to $0.452 and down 26.30% for the week. If XRP ends lower today, it will mark the sixth consecutive day of decline. Today's sell-off was the most significant, with XRP plunging to a low of $0.436, a level last seen in early July.

On the upside, a decisive break above the daily moving averages of 50 and 200, at $0.52 and $0.543 respectively, could signal a bullish comeback. Meanwhile, XRP might see a relief rally as bears take a breather. If the declines continue, the next major support levels for XRP are $0.403 and $0.387, where the price rallied sharply in early July.