2.2 Billion XRP Moves in 24 Hours: What’s Going On?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The recent surge in XRP trading volume is intriguing, especially considering the broader sell-off in the cryptocurrency market.

For the past day, the trading activity of XRP, currently ranked as the seventh-biggest cryptocurrency by market value, has experienced a rise.

2.2 billion units of XRP were traded in a bustling exchange over a 24-hour period, mirroring a downward trend on the cryptocurrency market that resulted in approximately $229 million worth of trading positions being sold off or closed.

It seems that this event sparked a burst of transactions, as investors responded to the recent ups and downs in the market. In the midst of all this activity, XRP has garnered significant interest, with its trading volume jumping by 46%, equating to 2.2 billion XRP or $1.1 billion.

Currently, at the point of composition, XRP had decreased by 0.71% over the last 24 hours to reach $0.531. Over the last seven days, its value has dropped by 15.84%, largely due to the latest SEC appeal action.

Over the last seven days, the Securities and Exchange Commission (SEC) has moved forward with an appeal against a 2023 court verdict, which classified XRP as not being categorized as a security when it’s sold directly to individual investors via trading platforms.

During the previous summer, Judge Analisa Torres rendered a judgment in the Ripple lawsuit, which was celebrated as a significant victory for the crypto sector. The ruling established that XRP is not classified as a security when it’s sold directly to individual investors on trading platforms. However, certain institutional sales were deemed to have breached securities law.

Over the past 24 hours, XRP‘s price decrease mirrors a general market downturn, where Bitcoin (BTC) dipped below $62,000 on Monday evening after momentarily reaching $64,000, effectively erasing most of its weekly progress. Similarly, Solana (SOL), Ethereum (ETH), and BNB all saw declines of up to 4%, reversing their gains from Monday.

What’s next for XRP price?

For XRP to progress and move towards its daily MA 50 ($0.5344), it needs to first overcome the resistance at the daily MA 200 level, which is currently at approximately $0.546. This should ideally occur before reaching the September 29 high of $0.66.

2.2 Billion XRP Moves in 24 Hours: What's Going On?

For XRP to start a new surge, it needs to transform the $0.66 level into a support base, which will then challenge its resistance at around $0.75. This particular resistance level has been tested on three occasions over the past two years, with the most recent test happening in February 2024.

Reaching a significant milestone beyond 75 cents ($.75) could pave the way towards reaching a dollar ($1). There’s no obstacle or barrier between $.75 and $1, so if the resistance at $.75 is flipped to support, our next likely goal might be $1.

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2024-10-08 17:15