As traders kept placing wagers, the price of XRP, the fifth-largest cryptocurrency, unexpectedly spiked up to 10% in less than an hour.
The XRP community took notice of the price increase, although it’s still unclear why exactly the price spiked.
Attorney and XRP enthusiast Jeremy Hogan saw XRP apart from Bitcoin. This is due to the fact that during the last day, XRP increased by about 10%, and Bitcoin decreased by 0.13%.
Trading volumes rose by 145% as traders made optimistic wagers on the price of XRP. 3.55 billion XRP, or $2.15 billion, have changed hands in the past day, according to CoinMarketCap statistics.
https://x.com/attorneyjeremy1/status/1719313447744139757?s=20
Investment positioning may be indicated by trading volume, which is the total number of units exchanged between buyers and sellers.
In every market, more volatility often translates into higher trading volumes as seasoned traders purchase and sell massive quantities to maximise profits.
Similar to this, buyers hoping to buy XRP at its present price in anticipation of the price surge continuing may have been the cause of the spike in XRP’s volume.
After many days of losses, XRP began to rise from its low of $0.533 on October 27. As it continued to rise, XRP cleared the $0.586 mark that had previously stopped its ascent in the preceding week and months.
for overcoming this obstacle with ease, bulls in XRP went for the next objective, which was $0.62, when a hurdle was encountered.
As of this writing, XRP has risen 9.67% in the previous day to $0.60, having hit highs of $0.62 during today’s trade.
