XRP, the sixth-largest cryptocurrency by market cap, has witnessed a staggering 85% increase in trading volume as its price nears a tipping point. This decisive level, closely followed by both investors and traders, could signal a significant change in market direction for XRP.
XRP, the sixth-largest cryptocurrency by market cap, has witnessed a staggering 85% increase in trading volume as its price nears a tipping point. This decisive level, closely followed by both investors and traders, could signal a significant change in market direction for XRP.
As of this writing, the price of XRP was down nearly 11% to $0.612, extending its decline since hitting a yearly high of $0.7449 on Monday. XRP’s price loss reflects a broader decline in cryptocurrency markets, with Bitcoin falling from its most recent all-time high of $73,794 to lows of $65,569 in today’s trading session.
In contrast, XRP trading volume has increased significantly, with an 85% increase attracting the attention of the cryptocurrency community. According CoinMarketCap According to data, XRP’s 24-hour trading volume exceeds $4.33 billion.
Similarly, XRP is gaining popularity in Korean markets, ranking as the fourth most traded asset on Upbit, South Korea’s largest cryptocurrency exchange, up from eighth place.
The increase in trading volume could indicate increased interest and activity around XRP, implying that investors are closely monitoring price movements and even positioning themselves for what comes next.
XRP Price Nears Decisive Point
The focus is on XRP as it stands on the brink of what could be a watershed moment for its price.
XRP plummeted to a low of $0.5958 in today’s trading sessions; Eyes are now set on the $0.584 level, which served as a springboard to reach its high of $0.7449 in 2024. Once XRP price reaches this level, it may begin a recovery towards its high of $0.7440 Dollars.
A daily candle close below $0.584 may indicate a fresh decline in XRP. The February low of $0.53 could serve as support in this situation.
On the other hand, if XRP breaks the $0.74 resistance, it may begin an ascent towards $0.85 and eventually $1.02.
Traders can also pay attention to XRP’s daily moving averages, which are expected to cross in the coming days. The appearance of a golden cross can reinforce the bulls, while a death cross can indicate that XRP is approaching its bottom, which could trigger a bullish advance.
