XRP, the world's second-largest cryptocurrency, has recorded a significant increase in trading volume accompanied by a price rise.
Sharp Rise in XRP Price
According to CoinMarketCap data, XRP's trading volume has surged 109% in the last 24 hours, reaching $8.02 billion or 12.6 billion XRP. The cryptocurrency's price surged from lows of $0.596 to highs of $0.70 during today's trading session.
Factors Contributing to XRP's Rise
The surge in XRP's volume and price can be attributed to several factors. The broader cryptocurrency market is experiencing an 'undeniable bull run,' with many digital assets witnessing upward momentum. Bitcoin reached fresh all-time highs of $89,995.
Future of XRP
XRP began to rise after hitting support at a low of $0.491. In recent days, XRP exited the $0.487-$0.566 range and also surged above the 50 and 200 daily moving averages, which helped drive up the price.
XRP shows remarkable progress amidst the broader cryptocurrency market's upswing, potentially paving the way for further gains in the near future.