XRP Skyrockets 80% in Volumes; Is Bigger Move Coming?

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Over the past day, there’s been a significant increase in both transaction activity and value for the third largest digital currency, Ripple (XRP).

As per CoinMarketCap statistics, the trading volume for XRP has skyrocketed by over 80% within the past day, peaking at a staggering $8.99 billion. This surge is primarily attributed to massive trade volumes exceeding $1 billion on the Korea-oriented exchange, Upbit.

During the same period, an uptick in trading saw XRP’s value surge by nearly 9%, peaking at $2.60 on Saturday, though it dipped slightly thereafter.

Initially, XRP saw a rise from a low of $2.24 on Friday, peaking at $2.60 during Saturday’s trading. As I write this, XRP has scaled back some of its gains but remains up by 4% over the past 24 hours, currently trading at $2.50.

In this market, XRP has been one of the top performers, trailing only Cardano (ADA) which saw a 5.64% increase during the same timeframe. Over the past week, XRP itself has grown by 7%.

During Sunday’s trading period, there’s been a blend of price movements in the crypto market. Many digital currencies have dipped, whereas XRP is showing signs of growing strength, possibly indicating more positive trends ahead. Bitcoin (BTC) and Ethereum (ETH) have experienced slight decreases over the last 24 hours, but XRP seems to be picking up speed.

Is bigger move on horizon?

A significant surge in trading activity suggests growing enthusiasm for XRP, suggesting a rise in investments in this asset. This trend could potentially signal the beginning of a major uptrend, causing technical experts to closely monitor price fluctuations for indications of additional bullish energy.

Based on a chart shared by experienced trader Peter Brandt, it appears that XRP has completed a ‘bullish flag’ pattern, which could lead to increased value if the breakout continues successfully.

Leader of the pack $XRP

— Peter Brandt (@PeterLBrandt) January 11, 2025

In simpler terms, if the price of XRP surges past $2.60 significantly, it could continue its upward trend. On the other hand, important barriers at approximately $2.72 and $2.90 may play a crucial role in whether XRP will start another price increase.

If XRP manages to surpass these key thresholds, it might indicate the start of a prolonged upward trajectory, possibly leading to record-breaking heights. On the other hand, if it struggles to maintain its momentum, we might see a period of stagnation or even a decline as investors cash out their gains. In this situation, it’s crucial to keep an eye on the daily Simple Moving Average (SMA) 50 at approximately $2.24, as it serves as a significant line of defense for XRP’s immediate price stability.

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2025-01-12 17:36