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XRP Nears $5 Billion Volume Again as Price Makes U-Turn
The cryptocurrency market has witnessed a remarkable surge in trading activity for XRP (Ripple), as the fourth-largest cryptocurrency by market capitalization has reached a staggering $5.03 billion in daily trading volume, marking an 86% increase over the past 24 hours.
In a sudden and unexpected turn of events, XRP’s price has also made a significant U-turn, with a 4% gain in the last day, reaching a new high of $2.28 per unit. This dramatic shift comes after a prolonged period of relatively stagnant trading activity for XRP, as market participants await further developments from Ripple’s ongoing efforts to secure a national bank charter in the United States.
As the price attempts to surpass this critical barrier at $2.233, investors are left wondering whether this sudden surge is sustainable or a mere flash crash. The cryptocurrency’s recent move above the daily Simple Moving Average (SMA) 50 has sparked widespread optimism among traders and analysts alike.
It is essential to note that the path ahead remains uncertain for XRP, with support near $2.15 having been confirmed previously. A crucial test lies ahead at the daily SMA 200, situated around $2.36, which must be cleared before XRP’s price can potentially aim higher towards $3.
Source: u.today
