The trade volume of the well-known cryptocurrency XRP has increased by an astounding 96% in the previous day, according to CoinGlass statistics. There is more activity on the XRP market as seen by the overall turnover, which has crossed the amazing $2 million barrier.
Data from the spot and futures markets indicate that XRP anticipates a major increase in activity. Surprisingly, this increase represents 6.66% of the token’s entire market value, indicating a standard degree of investor participation. According to CoinMarketCap, as of the most recent data, XRP has a market valuation of $30.65 billion, making it the sixth-largest digital asset available.
Crucial moment for XRP
The price of XRP has moved noticeably in tandem with this spike in trading volumes. In the last day, XRP fell by a significant 4.52%, but it quickly gained momentum and recovered almost half of the losses, indicating a 2.07% recovery.
This event is made more intriguing by the fact that the XRP coin is now trading at $0.564, which is considered to be a critical support level. The token has made three attempts since May 2022 to break out of this level; in July 2023, it ultimately succeeded following a favourable verdict in the SEC v. Ripple lawsuit. Since then, though, the price has dropped back to this point after circling around it.
Now, the whole cryptocurrency world is watching to see if the prices for XRP will break this crucial support level or rise again, maybe into a resistance area. The current circumstances point to what may be a turning point for one of the most valuable digital assets available.
