XRP Triggers 125% Volume Surge Amid Market Crash

XRP Triggers 125% Volume Surge Amid Market Crash

As the cryptocurrency market faces a significant downturn, XRP has sparked a notable 125% increase in trading volume.

As the cryptocurrency market faces a significant downturn, XRP has sparked a notable 125% increase in trading volume.

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According CoinMarketCap According to data, XRP is seeing a 138% increase in 24-hour trading volumes, amounting to a whopping $3.96 billion.

The increase in XRP trading volume comes at a critical time for the cryptocurrency market, which is characterized by sharp drops in the prices of major digital assets. This unexpected move has caught the attention of both investors and analysts.

The increase in XRP volume can be attributed to a variety of factors, although the exact reason is unknown. It could be a strategic move by investors to capitalize on lower prices, anticipating a possible rebound.

Additionally, the increase in activity may also reflect renewed interest in XRP, even as the broader market experiences a decline.

XRP Price Takes Unexpected Turn After Golden Cross Formation

XRP recently posted its first golden cross pattern of the year, sparking intrigue and speculation among investors and analysts alike. The golden cross, a technical analysis pattern characterized by the 50-day moving average crossing above the 200-day moving average, is often seen as a bullish signal indicating a possible uptrend.

TradingView
XRP/USD daily chart, courtesy: TradingView

However, despite the optimism surrounding the formation of the golden cross, XRP’s price trajectory took an unexpected turn, and the cryptocurrency witnessed a notable drop in value soon after.

The price of XRP fell dramatically in early trading on Tuesday, hitting lows of $0.571 from highs of $0.648. The previous day, XRP hit highs of $0.669, capping off a two-day price rally.

Related
XRP posts first gold cross of 2024 amid price uncertainty

At the time of writing,

Investors and traders are closely monitoring the progress of XRP as it navigates market uncertainties. Potentially, the first sign of price weakness would be a break below the $200 daily moving average at $0.57.

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