XRP is witnessing significant growth in trading activity amid widespread investor interest. In the last 24 hours, the trading volume has surged by 24%, positively impacting the token's price.
Current Trading Volume Analysis
Per the data, over $5.48 billion in XRP has been traded overnight. Typically, an increase in trading volume suggests heightened investor interest. Experts consider an increase in volume driven by accumulation as a bullish indication. However, when it is fueled by speculation, the price rally might not last.
XRP's Prospects in Maintaining Position
XRP has found strong resistance at the $2.45 level in the last seven days. Previous attempts to breach this price mark have seen the token slip. However, with this corresponding spike in trading volume, investors anticipate this could lead to further gains. Analysts maintain that if XRP suffers rejection and cannot stay above this crucial resistance level, then the chances of a drop below $2 cannot be ruled out in the midterm.
Market Trends and XRP’s Competitive Edge
Community members hope that XRP will sustain its current momentum. For example, the number of XRP wallets now exceeds BTC wallets, confirming its competitive advantage. Meanwhile, XRP’s short-term moving average crossed the 50-day EMA a few days back. Analysts speculate this development might signal recovery if XRP stabilizes above $2.35. As of this writing, XRP is changing hands at $2.44, up by 1.47% in the past 24 hours.
Thus, the notable increase in trading volume and a firm position above key support levels might signal the start of XRP's recovery. However, the sustainability of this trend will depend on the asset's ability to overcome significant resistance levels.
