As its price reaches a critical crossroads, XRP, the sixth-largest cryptocurrency by market size, has seen an incredible 85% rise in trading volume. This pivotal point, which traders and investors are both keeping a careful eye on, may indicate a big change in the direction of the XRP market.
As of this writing, the price of XRP had dropped by about 11% to $0.612, continuing its downward trend from Monday’s annual high of $0.7449. A more general decline in the cryptocurrency markets is reflected in XRP’s price decline, as Bitcoin dropped from its most recent record high of $73,794 to lows of $65,569 during today’s trading session.
On the other hand, the trade volume of XRP has experienced a notable surge of 85%, garnering the interest of the cryptocurrency community. XRP has more over $4.33 billion in 24-hour trading volume, according to CoinMarketCap statistics.
Likewise, XRP is becoming more well-liked in Korean markets; it is currently the fourth most traded asset on Upbit, the biggest cryptocurrency exchange in South Korea, having risen from eighth position.
The rise in trade volume may be a sign of more activity and interest in XRP, suggesting that investors are keeping a careful eye on price changes and may even be preparing for what may happen next.
XRP price nears decisive juncture
Because XRP is poised at what may prove to be a turning point in its price, attention is focused on it.
In today’s trading sessions, XRP fell to a low of $0.5958; traders are now focusing on the $0.584 mark, which acted as a launchpad for the cryptocurrency’s ascent to its 2024 top of $0.7449. After hitting this mark, the price of XRP may start to rise again, possibly reaching its peak of $0.7440.
A daily candlestick close below $0.584 would suggest that XRP is about to drop much more. In this case, the $0.53 low from February might act as support.
However, if XRP overcomes the resistance level of $0.74, it may start to rise towards $0.85 and ultimately $1.02.
The daily moving averages of XRP are likely to cross in the next days, so traders may as well keep an eye on them. Bulls may be encouraged by the appearance of a golden cross, while a death cross might signal that XRP is about to reach its lowest point and lead to a bullish gain.
