$1.33 Billion in XRP in 24 Hours, Can It Trigger XRP Rally?

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in XRP trading activity. The data I’ve been analyzing suggests that the bulls are gaining ground against the bears, and it’s not just a flash in the pan – it seems to be a sustained movement.

Supporters of XRP are putting up a strong fight against the bearish trend, showing considerable determination in their actions. Although the price hasn’t skyrocketed just yet, the long-term outlook for this Ripple-linked coin remains hopeful. It seems that traders and investors are increasingly intrigued and optimistic about XRP, anticipating significant profits in the coming days.

Today, there’s a surge in investment for XRP. The trading action of this coin is significantly increasing, which is adding positive energy to the market. As per the most recent data from CoinGlass, the trading volume of XRP has soared by an impressive 88.13% over the past day. Currently, it’s hovering at a substantial $1.33 billion figure.

The significant increase in trading activity is evident on major cryptocurrency platforms, indicating a heightened fascination with the coin among various trading groups. Notably, Binance, currently the dominant player in the market, records an impressive volume of $456.44 million. Trailing behind are Bybit with $283.19 million, Bitget at $258.13 million, and OKX registering $136.52 million, with other exchanges following suit.

The significant growth in Open Interest (OI) is helping drive the volume increase. Specifically, the OI for XRP has grown by 3.58% over the same timeframe, according to CoinGlass. At present, it stands at a substantial $710.63 million. This considerable uptick in Open Interest suggests an upward trend in open positions for the coin, as traders are increasingly choosing to invest in XRP.

XRP price reaction

The heightened trading volume and investor attention towards XRP hasn’t visibly influenced its price so far. However, over a longer period, this increased activity could potentially have an impact on the coin since price fluctuations are influenced by multiple factors. Meanwhile, the overall crypto market remains in a holding pattern, and the current economic climate isn’t particularly favorable for it.

Currently, XRP is being traded at $0.5349. Over the past 24 hours, it has experienced a 1.09% increase and is holding steady around the $0.53 mark. To set off a larger upward trend, XRP must first break through its next resistance point of approximately $0.57. Should this occur, the next potential target would be the $0.61 price range.

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2024-10-11 17:47