{"id":598186,"date":"2024-03-16T13:00:23","date_gmt":"2024-03-16T13:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=598186"},"modified":"2024-06-11T07:51:48","modified_gmt":"2024-06-11T07:51:48","slug":"xrp-records-massive-80-surge-in-trading-volume-can-price-reach-a-new-ath","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-records-massive-80-surge-in-trading-volume-can-price-reach-a-new-ath\/","title":{"rendered":"XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH?"},"content":{"rendered":"
XRP continues to <\/span>show strength<\/span><\/a> despite largely underperforming during the <\/span>ongoing bull market<\/span><\/a>. Interestingly, the crypto witnessed a surge in activity last week, with trading volume surging in tandem. Particularly, the trading volume saw an increase of over 80% recently.\u00a0<\/span><\/p>\n However, the boost in activity and trading volume has not necessarily translated into continuous price growth, as XRP is currently on a 13% percent correction from the $0.74 price level on Monday.<\/span><\/p>\n XRP witnessed a surge earlier in the week which saw it breaking out of a 6-year-long symmetrical triangle, prompting analysts to anticipate a continued price surge. <\/span><\/p>\n During this period, the crypto witnessed a surge in trading volume from whales in particular, with large bouts of <\/span>XRP leaving crypto exchanges<\/span><\/a>.<\/span><\/p>\n This bullish sentiment allowed XRP to cross over $0.74 for the first time in eight months, albeit for a short moment. This surge in price was short-lived, as XRP fell as low as $0.6 in the days after.<\/span><\/p>\n However, a recent 80% surge in on-chain activity and trading volume has led to the price of XRP increasing by 4.45% in the past 24 hours and 2.2% in a seven-day timeframe. <\/span><\/p>\n Volume spikes of this magnitude often occur before a price rally, therefore, this massive spike in volume has the XRP community speculating that a strong price rally could be on the horizon.<\/span><\/p>\n <\/p>\n At the time of writing, XRP is trading at $0.6398. The crypto’s journey to a new all-time high is definitely <\/span>not going to be an easy one<\/span><\/a>, as it is now down by 83% from its current all-time high of $3.84.\u00a0<\/span><\/p>\n However, <\/span>current market dynamics<\/span><\/a> and various <\/span>predictions from many crypto analysts<\/span><\/a> indicate that the crypto might go on a surge of great magnitude in the near future. <\/span><\/p>\n One of these is a prediction from <\/span>analyst Jaydee<\/span><\/a>, who <\/span>noted <\/span><\/a>that XRP’s recent breakout from the six-year trendline mentioned earlier could lead to a surge to $3 from the current price level.<\/span><\/p>\n The major resistance level to watch is $0.74. XRP tested this level a few days ago but failed to close above it. If bullish momentum continues and volume stays strong, XRP could break through $0.74 decisively in the new week. If it does, the next resistance <\/span>levels are at $0.82<\/span><\/a> and $1.5.\u00a0<\/span><\/p>\n One of the few factors that could contribute to a strong price increase is <\/span>regulatory clarity<\/span><\/a> regarding XRP’s status, which could boost confidence from institutional investors. <\/span><\/p>\n Notably, XRP’s non-security status seems <\/span>to be gaining ground<\/span><\/a>. The European Corporate Governance Institute (ECGI) recently published a <\/span>research paper<\/span><\/a> acknowledging this non-security status.<\/span><\/p>\n Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" XRP continues to show strength despite largely underperforming during the ongoing bull market. Interestingly, the crypto witnessed a surge in activity last week, with trading volume surging in tandem. Particularly, the trading volume saw an increase of over 80% recently.\u00a0 However, the boost in activity and trading volume has not necessarily translated into continuous price growth, as XRP is currently on a 13% percent correction from the $0.74 price level on Monday. Related Reading: Sell Sign Ignites Speculation: Solana Fate Hangs In The Balance? XRP Trading Volume Surges, But Will Price Follow? XRP witnessed a surge earlier in the week which saw it breaking out of a 6-year-long symmetrical triangle, prompting analysts to anticipate a continued price surge. During this period, the crypto witnessed a surge in trading volume from whales in particular, with large bouts of XRP leaving crypto exchanges. This bullish sentiment allowed XRP to cross over $0.74 for the first time in eight months, albeit for a short moment. This surge in price was short-lived, as XRP fell as low as $0.6 in the days after. However, a recent 80% surge in on-chain activity and trading volume has led to the price of XRP increasing by 4.45% in the past 24 hours and 2.2% in a seven-day timeframe. Volume spikes of this magnitude often occur before a price rally, therefore, this massive spike in volume has the XRP community speculating that a strong price rally could be on the horizon. Total crypto market cap currently at $2.5 trillion. Chart: TradingView Current Price Action: Can XRP Reach A New All-Time High? At the time of writing, XRP is trading at $0.6398. The crypto’s journey to a new all-time high is definitely not going to be an easy one, as it is now down by 83% from its current all-time high of $3.84.\u00a0 However, current market dynamics and various predictions from many crypto analysts indicate that the crypto might go on a surge of great magnitude in the near future. One of these is a prediction from analyst Jaydee, who noted that XRP’s recent breakout from the six-year trendline mentioned earlier could lead to a surge to $3 from the current price level. The major resistance level to watch is $0.74. XRP tested this level a few days ago but failed to close above it. If bullish momentum continues and volume stays strong, XRP could break through $0.74 decisively in the new week. If it does, the next resistance levels are at $0.82 and $1.5.\u00a0 Related Reading: Crypto Carnage: Over $800 Million Wiped Out In Market Plunge One of the few factors that could contribute to a strong price increase is regulatory clarity regarding XRP’s status, which could boost confidence from institutional investors. Notably, XRP’s non-security status seems to be gaining ground. The European Corporate Governance Institute (ECGI) recently published a research paper acknowledging this non-security status. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":598196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,84827,3505,4531],"class_list":["post-598186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-network-activity","tag-price-analysis","tag-xrp"],"acf":[],"yoast_head":"\nXRP Trading Volume Surges, But Will Price Follow?<\/b><\/h2>\n
Total crypto market cap currently at $2.5 trillion. Chart: TradingView<\/a><\/pre>\n
Current Price Action: Can XRP Reach A New All-Time High?<\/b><\/h2>\n