According to CoinGlass data, XRP’s hourly trading volume on the major U.S.-based cryptocurrency exchange, Kraken, experienced a sudden increase of 203%. This surge reflects growing interest in XRP as investors seek to capitalize on recent market volatility.
Trading Volume and Price Movement
The uptick occurred as investors, eager to leverage market fluctuations, turned their focus towards XRP. As the third-largest cryptocurrency by market capitalization, XRP continues to capture the interest of spot investors, particularly in the United States. The recent approval of REX-Osprey ETFs after passing the SEC‘s 75-day evaluation, alongside upcoming XRP ETF products, significantly contributed to this heightened interest.
In the last 24 hours, XRP’s trading volume on the Kraken exchange exceeded $73.5 million, positioning it among the most traded assets on the platform. CoinMarketCap’s data further revealed a 31% increase in overall trading volume, reaching $6.67 billion in 24 hours. The broader crypto market showed upward movement, and XRP robustly joined this rise.
XRP Overcomes Price Resistance
Early Saturday morning, XRP’s trading saw a 3% increase, reaching $3.14. Maintaining its upward trajectory from the September 1 low of $2.69, XRP embarked on a four-day winning streak. It finally surpassed the daily 50-day simple moving average (SMA) of $3.01, a resistance point since August 19. Heading towards new resistance levels at $3.38 and $3.66, a sustained breakthrough could target $4.
Aside from ETF expectations, institutional buying also played a pivotal role in XRP’s rise. Analysts suggest that XRP may be entering a robust breakout phase, bolstered by technical indicators and regulatory news. Approval of the ETF could solidify prices above $4, further supported by Ripple 
$1‘s advantageous position in the SEC lawsuit, boosting investor confidence.
