The cryptocurrency XRP has regained its support level above $2 amidst sharp market fluctuations over the weekend. The token dropped to a low of $1.91 but then recovered to $2.04. This article explores ongoing trends and projections for XRP.
XRP Recovers After Sharp Drop
XRP is back above the $2.00 support level after significant market fluctuations. The token fell to $1.91 but rebounded to $2.04 within 24 hours. As of now, the XRP price stands at $2.03, showing a daily gain of 3.35%, though still down 10.06% over the past week. The support around $1.87 to $1.91 held firm, prompting a strong response from buyers early Monday morning.
Surge in XRP Trading Volume
XRP’s 24-hour trading volume surged by 62%, reaching over $5.12 billion, indicating heightened market activity. This increase suggests that traders are repositioning in response to price swings. Over the weekend, $1.01 billion in crypto liquidations occurred, with XRP contributing $656 million. Of that, bullish traders lost $472 million, while short liquidations totaled $155 million. Despite these losses, XRP held its support and did not post a new low.
Geopolitical Risks Impacting the Market
The latest XRP price movements occurred alongside broader market declines due to renewed geopolitical risks. The U.S. military's involvement in the Israel-Iran conflict added uncertainty, dragging Bitcoin below $100,000 and negatively impacting major altcoins, including XRP. Early reactions to rising oil prices and global tensions forced many investors to reduce their exposure to cryptocurrencies. Nonetheless, XRP’s price stabilized after the initial dip, although market sentiment remains cautious.
XRP is exhibiting a temporary recovery following volatility, but its future will largely depend on market stability and buying pressure around $2. The current state indicates that support is holding, yet overall market conditions remain uncertain.
