According to U.Today, XRP, the seventh largest cryptocurrency by market capitalization, has experienced a notable increase in trading volume, reaching $1.47 billion or 2.62 billion XRP, as reported by CoinMarketCap. This marks a 7% rise in volume over the past 24 hours. This week, XRP witnessed a price reversal after a period of stagnation, breaking through significant barriers that had previously hindered its progress. Following a recent consolidation phase, XRP's price surged over four days, reaching $0.57 during Thursday's trading session. Despite encountering resistance at this level and experiencing a slight pullback, XRP has gained 8% over the week.
The recent price movement has sparked renewed interest in XRP, with traders and investors closely observing its trajectory. The 7% increase in trading volume, although modest, indicates a gradual re-engagement by market participants, which is a positive sign for XRP. The cryptocurrency's recent rise is part of a broader wave of optimism in the crypto market, highlighted by Bitcoin's surge past $77,000 towards the end of the week. XRP's rally saw it surpass the daily SMA 50 and 200, which had previously restricted its price movement. However, the price declined after reaching $0.57, confirming short-term resistance at this level. If the current trend continues, it would mark the second consecutive day of losses if the day closes in red.
Despite this, traders remain focused on potential breakout levels. The $0.57 mark has emerged as a critical point for bulls, who may be preparing for another attempt to push the price higher. If XRP manages to break through this resistance, it could target higher levels, potentially reaching $0.665 and even $0.748. However, further consolidation or minor corrections might occur before a sustained rally can be achieved. This optimistic outlook could be invalidated if XRP falls below its daily moving averages of 50 and 200, suggesting an extended-range trading scenario with support near $0.487. At the time of writing, XRP was down 0.55% over the last 24 hours, trading at $0.5488.
