XRP takes a big leap and reaches a trading volume of 1.6 billion dollars in 24 hours

XRP takes a big leap and reaches a trading volume of 1.6 billion dollars in 24 hours

XRP has witnessed a significant increase in trading volume, with a staggering $1.6 billion in trading in the last 24 hours. This surge comes as the price of XRP experiences a notable jump in value, indicating renewed interest and activity within the cryptocurrency market.

XRP has witnessed a significant increase in trading volume, with a staggering $1.6 billion in trading in the last 24 hours. This surge comes as the price of XRP experiences a notable jump in value, indicating renewed interest and activity within the cryptocurrency market.

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According CoinMarketCap DataIn the last 24 hours, 2.869 million XRP, or $1.6 billion in XRP, have been traded, an increase of 61% from the previous day.

The increase in trading volume was accompanied by a nearly 5% price increase as XRP hit a high of $0.559 in early trading today. The last time XRP traded near this level was about a month ago, on January 18.

The $1.6 billion in XRP traded indicates substantial liquidity within the XRP market, providing investors with ample opportunities to buy and sell the cryptocurrency. This liquidity is crucial to maintaining a healthy and vibrant market, enabling efficient price discovery and minimizing the impact of large trades on the price of XRP.

TradingView
XRP/USD daily chart, courtesy: TradingView

XRP’s recent price and volume surge could be attributed to several factors, most likely to positive sentiment in the overall cryptocurrency market as Bitcoin touched $52,000, its highest level since December 2021.

XRP has benefited from positive market sentiment, recording positive inflows for two consecutive weeks, according to a recent CoinShares report.

Related
XRP Sees $1 Billion Traded Value as Price Hits Key Level

XRP has been on a steady rise since hitting lows of $0.485 on January 31. The rally progressed and the price slightly surpassed the daily MA 50 barrier of $0.553.

That said, further advances for XRP could depend on a sustained close above its 50 and 200 daily moving averages at $0.552 and $0.568, in which case XRP could advance to retest the $0.62 level. If the bulls are successful, the $0.658 and $0.70 levels could come into view.

On the other hand, the $0.50 level looks like formidable support for XRP price if the bears return.

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