2 Billion XRP in 24 Hours: What’s Behind Surge?

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As a seasoned analyst with years of experience navigating the volatile waters of the cryptocurrency market, I find the recent surge in XRP trading activity intriguing. The increase in trading volumes, coupled with the slight rebound in XRP’s price, suggests that traders are seizing perceived buying opportunities. This pattern is not unfamiliar to me – it’s like watching a game of cat and mouse, where the market swings back and forth, offering glimpses of potential profits for those who can read the signs correctly.

Over the last day, there’s been a rise in trading of XRP, which currently ranks as the seventh biggest cryptocurrency based on market cap, as indicated by the uptick in its trading volume.

As per the information provided by CoinMarketCap, approximately 2.03 billion XRP coins, worth over $1.07 billion, were traded, signifying a notable surge of 22.61% in transaction volumes.

As trading activity picks up, there’s a hint of an uptick in the value of XRP. Over the past three days, its price had been steadily decreasing, but now it appears to be recovering.

Currently, at this point in time, XRP has experienced a 0.34% increase over the past 24 hours, placing its value at approximately $0.529. However, over the course of the last seven days, it has seen a decline of 3.74%.

Lately, as prices have dropped but trading activity has spiked, it seems like traders are seizing what they perceive as bargain points to buy. This could potentially account for the rise in trading volume we’ve seen.

The decline in XRP’s price over a period of three days was followed by purchases at a low point of $0.5117, potentially boosting trading activity as investors took advantage of the dip to rejoin the market.

XRP price action

On October 22nd, the value of XRP dipped below its Daily Simple Moving Average (SMA) 200 at approximately $0.538, suggesting that the bears might be trying to assert dominance. This downward trend persisted on Wednesday, with XRP hitting a low of $0.5117, at which point buyers appeared to regain interest in the market.

In order for the XRP price recovery to continue, buyers might have to exert effort and maintain the price above the 50-day Simple Moving Average (SMA) at around $0.55, demonstrating their strength. If successful, XRP may aim to break through the resistance level of $0.64 located overhead.

Conversely, if bulls don’t manage to build on the current recovery, XRP might slide down to the robust support level of $0.50. This is an important line in the sand for the bulls, as breaching and closing below it could lead to a subsequent drop to $0.46.

Despite the relatively low performance of XRP’s price this week, the activity on the XRP Ledger tells a different story. According to an on-chain analytics firm called Santiment, there has been a significant increase in account activity and new wallet creation on the XRP network, a level comparable to what was observed months ago.

On a significant upswing, the XRP Ledger recorded its highest daily activity in more than three months, as 35,799 unique wallets carried out at least one transaction. Moreover, an unprecedented surge of 3,858 new wallets was created within a day, marking the largest daily increase in over seven months.

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2024-10-24 19:09