According to CoinMarketCap statistics, XRP, the seventh-largest cryptocurrency by market capitalisation, has experienced a rise in trading volume, reaching $1.47 billion, or 2.62 billion XRP. Nevertheless, even if this is excellent, the volume has only increased by 7% in the past 24 hours.
After days of sluggish activity, XRP’s price reversed this week, surpassing significant obstacles that had recently held it back.
XRP recovered from its recent pullback, reaching $0.57 during Thursday’s trading session after a four-day rise. XRP is up 8% for the week despite encountering resistance at this level and reversing marginally.
Given that traders and investors keep a careful eye on XRP’s fluctuations, the current price action may have rekindled interest in the cryptocurrency. Even if it is slight, the 7% volume rise over the last day raises the possibility that market players may be progressively entering the market, which is still good for XRP.
What’s next for XRP price?
The recent increase in XRP is indicative of more optimism in the cryptocurrency sector, as Bitcoin surpassed $77,000 at the end of the week.
The daily SMA 50 and 200, which limited its price movement in previous weeks, were broken by XRP during the most recent advance. However, the price of XRP fell later, confirming short-term resistance around $0.57. If today finishes lower, it will be the second day of losses.
Traders are nonetheless keeping a look out for possible breakthrough levels. Bulls have turned the $0.57 mark into a crucial battleground, maybe preparing for another effort to drive the price higher.
Though more consolidation or minor corrections may take place prior to a prolonged recovery, if XRP breaks above this barrier, the next targets might open up higher levels, potentially to $0.665 and even $0.748.
However, if XRP falls below its daily moving averages of 50 and 200, which would indicate an extended-range trading with support at $0.487, this optimistic prognosis may be nullified.
As of this writing, XRP had dropped 0.55% over the previous day to $0.5488.
