According to a CoinGlass analysis, there has been a notable 80% increase in trade volumes for the cryptocurrency XRP in the past 24 hours. The aggregate turnover for the spot and futures markets has risen to an astounding $1.35 billion thanks to this spike.
This increase in trading activity, which accounts for 4.74% of the asset’s total market capitalization, is consistent with a standard degree of market participation. With a market valuation of $28.46 billion, XRP is now the eighth-largest digital asset according to the most recent statistics from CoinMarketCap.
The increased trade volumes and the notable shift in the XRP price chart are related. A violation of the dynamic support level set in January of the previous year is shown by an analysis of the weekly time frame.
Usually a turning moment for the price of XRP, bearish price activity has just broken through this historical support in recent weeks. The weekly candle’s closing below this pivotal point portends a possible downward trend.
“Now or never”
But while they wait for the monthly candle to close in two days, investors are still cautiously hopeful. This period is important because it presents a chance for a price reversal and a closing above the crucial support level before the end of January.
The higher trading volumes suggest that investors are more interested in XRP, which might lead to a big change in price soon. The cryptocurrency is currently at a pivotal point, offering a “Now or never” scenario as the market watches eagerly to see where XRP’s price will end up.
