After a period of low trading activity, XRP, the fourth-largest cryptocurrency, has once again reached a trading volume of $5 billion. This comes amid rising prices and news about Ripple's plans.
XRP Trading Volumes and Price Dynamics
According to CoinMarketCap, XRP trading volume has reached $5.03 billion, marking an 86% surge in just 24 hours. This sudden spike in activity is tied to a general rise in cryptocurrency prices, particularly Bitcoin, which hit a five-week high.
Future Forecasts and Expectations
XRP reached an intraday high of $2.31, aligning with bullish expectations in the options market. The $3 strike call option for XRP has seen significant trading volume, reflecting growing investor confidence. XRP has also surpassed the 50-day simple moving average (SMA) at $2.233, and now attention turns to its ability to maintain above this level.
Ripple News and Market Impact
Ripple CEO Brad Garlinghouse announced plans to apply for a national bank charter in the U.S., paralleling similar moves by other crypto firms like Circle. This news enhances interest in XRP among investors.
The rise in XRP trading volumes and positive price dynamics in recent days suggest a return of investor interest in cryptocurrencies, with XRP's future depending on its ability to hold key price levels.
