XRP is experiencing significant fluctuations, with a recent price increase from $2.83 to $3.03 triggering a surge in trading volume exceeding 110 million XRP.
Causes of Trading Volume Surge
Institutional and retail demand, particularly from South Korea, has fueled the rise in XRP trading volumes, with Upbit reporting over $95 million in trading, making XRP the most traded asset.
Technical Analysis & Resistance Outlook
Resistance remains firmly held at the $3.00–$3.03 zone. Observers are keen to see if XRP will gain strong momentum to break through the key zone of $3.12–$3.14. Support is anchored around $2.97–$2.92, with lower levels at $2.85 and $2.80. Key momentum indicators, like relative strength index (RSI) and exponential moving averages (EMAs), are showing mixed reactions.
Broader Catalysts Behind the Rally
Regulatory optimism is rising as the anticipated Ripple vs. SEC resolution approaches on August 15. Ripple is reportedly ready to pay a $125 million fine, potentially contributing to bullish market sentiment.
XRP's recent tripling in trading volume reflects strong institutional and retail confidence. Its ability to hold above the $3 threshold in the coming days, alongside legal clarity and positive momentum, could mark the start of a broader breakout phase.
