XRP's trading volume has shot up by 270% reaching $5.50 billion in 24 hours.
The current price of XRP is $0.6167 with strong bullish sentiment and market stability.
Key indicators suggest potential for further upward movement before XRP becomes overbought.
As of today, XRP is trading at $0.6167 and has experienced an increase of 1.25% in its total price, showcasing how high its market Participation is. Evidenced by its increase in market capitalization by its present price of approximately $34.54 billion, making the XRP coin the seventh largest crypto by market cap.
XRP Trading Volume Gains 270% and Anchors at $0.62
Without changing the trajectory or movement, the trading volume has followed the same track of rising in the past 24 hours. Right now, the market volume is priced at $5.50 billion, which has risen by 270.53% and also carries a volume-to-market-cap ratio of 15.97%. This impressive market size indicates a high level of trading activity because of how large it is.
The current circulating supply of the XRP token is 55,999,283,950 tokens, accounting for its 56.00% total supply of 99,987,385,748 tokens.
Source: coinmarketcap
Analyzing how the market has been functioning from the above 1-day chart, it is very clear that the market has a strong bullish trajectory for the XRP coin. Initially, the price began at $0.516, which was bearish at the moment before the market rebounced to a sharp increase, reaching a price of about $0.62. This rise indicates how the bulls have been conquering market sentiment, as after this rise, the market has stabilized with minor flactuations.
Xrp Shows a Bullish Trend With a 270% Volume Rise to $0.62.
Moving on to more chart technicality, the XRP/USD daily charts are showing a major price recovery after the recent slump, with current price levels pointing to strong bullish momentum. The key support and resistance levels are $0.378 and $0.500, respectively, while barriers are seen at $0.62405
Source: Tradingview
The Moving Average Convergence Divergence (MACD) indicator is showing the MACD line at 0.00744 and the signal line at 0.01262, indicating potential bearish momentum. The Macd indicator, better known as the lagging indicator, gives hope about the huge probabilities of the market rebounding. This is seen by the MACD histogram fade, showing the red bars are about to change, and is also supported by the MACD line and the signal line coinciding, showing a new trend. The Relative Strength Index (RSI) stands at 58.83, which is higher than its previous close of 54.83, suggesting there is still room for upward movement before XRP reaches overbought conditions.
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