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The popular altcoin XRP has made headlines with a significant increase in transaction volume. According to data, XRP’s transaction volume reached an astonishing level of $1.6 billion in the last 24 hours. This increase in transaction volume coincided with a notable jump in XRP’s price, occurring as a result of growing investor interest and trading activity in the cryptocurrency market.
Major Increase in XRP’s Trading Activity
Data from CoinMarketCap shows that in the last 24 hours, a total of 2.869 billion XRP were traded, valued at $1.6 billion, marking a significant 61% increase compared to the previous day’s transaction volume. The increase in transaction volume was accompanied by an approximate 5% rise in XRP’s price, and the altcoin reached $0.559 in the early hours of today. XRP has reached this price level for the first time since January 18, marking an important threshold.
The $1.6 billion worth of XRP traded reflects the high liquidity in the altcoin’s market, offering investors extensive opportunities to buy and sell the altcoin. High liquidity is extremely valuable for maintaining a healthy and vibrant market, facilitating efficient price discovery, and reducing the impact of large transactions on XRP’s price.
The recent increase in XRP’s price and transaction volume is associated with various factors, including the generally positive mood dominating the cryptocurrency market. Bitcoin‘s rise to its highest level since December 2021, reaching $52,000, contributed to the positive sentiment surrounding XRP and other altcoins. Furthermore, a recent report from CoinShares indicates that XRP has seen positive inflows for two consecutive weeks. This high and robust investor interest in XRP points to increased confidence among investors, supporting its price and trading activity.
XRP Price Analysis
Despite the recent rally, the future trajectory of XRP’s price will depend on its ability to sustain closes above its daily moving averages, particularly the MA 50 and MA 200, which are currently at $0.552 and $0.568, respectively. Sustained candle closes above these levels could pave the way for further increases, potentially pushing XRP’s price to $0.62 and beyond.
However, if bears regain control, the $0.50 level could serve as a challenging support for XRP’s price, providing a potential buffer against downward movements.
