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The cryptocurrency market continues to decline. The fall in Bitcoin prices has impacted the entire market. Meanwhile, XRP‘s trading volume experienced an incredible increase of 128%, becoming the center of rumors.
XRP Comments
CoinMarketCap data shows a 138% increase in XRP’s trading volume over the last 24 hours, exceeding $3.96 billion. This surge in XRP’s trading volume occurred during a critical time when sharp price declines were seen across the market.
This unexpected volume increase has caught the attention of both investors and analysts. The exact reason for the increase in XRP’s trading volume is still unknown. However, the situation can be attributed to various reasons.
Some analysts believe this is a strategic move by investors expecting a potential recovery in the coming days, buying at low prices.
On the other hand, despite the increased trading volume and activity, the renewed interest in XRP could be reflected in the charts, contrasting with the market downturn. XRP’s price experienced a turnaround after forming a golden cross formation, attracting more attention from investors and analysts.
The golden cross is recognized as a technical analysis formation when the 50-day moving average crosses above the 200-day moving average. This is generally seen as a signal of potential upward momentum.
Despite the golden cross formation, XRP’s price movement did not diverge from the market and a decline was also observed. The pullback in Bitcoin prices may have contributed to the decline.
XRP’s price saw a sharp drop in the early hours of Tuesday, falling from $0.648 to $0.571. The previous day, XRP’s price was at $0.669, indicating a rise contrary to the market.
How Much is 1 XRP in Dollars?
As of this writing, the XRP price has slightly recovered from its drop to $0.571 and is trading at $0.60 after a nearly neutral 0.3% decrease over the last 24 hours.
This could be interpreted as a slowdown in the decline compared to its top 10 cryptocurrency competitors. Investors and traders are closely monitoring how XRP will navigate the current market uncertainty.
There is also talk that the first region that could signify a potential weakness in the price, a break below the daily 200 moving average at $0.57, may emerge.
