XRP, the fourth largest cryptocurrency by market capitalization, draws renewed attention after its trading volume exceeded $2 billion in the past 24 hours. This event comes against the backdrop of overall market instability.
Surge in XRP Trading Volume
In the last 24 hours, XRP's trading volume reached $2.02 billion, marking a 20% increase from the previous period. This comes as XRP attempts to regain lost ground after a weekend drop and a broader sell-off in the cryptocurrency market.
Anticipated Macroeconomic Events
This week, key macroeconomic events are anticipated, including a meeting of the Federal Reserve and a statement from Chair Jerome Powell. The central bank is expected to keep the benchmark interest rate at 4.5%. Powell's remarks may provide essential hints regarding future actions of the Fed.
Current Price and Market Analysis of XRP
At the time of writing, XRP's price has risen by 2.09% in the past 24 hours, reaching $2.19 after five days of decline. A decisive break above the 50 and 200-day simple moving averages at $2.27 and $2.38 may signal a new move for XRP, enabling the cryptocurrency to exit its current range.
The cryptocurrency market may expect further changes regarding XRP. The increase in trading volumes and important macroeconomic events could play a crucial role in determining the future direction of the crypto asset.
