XRP Trading Volume Soars as Daily Transactions Hit $5.12B

XRP trading volume has seen a significant spike, reaching $5.12 billion in just 24 hours, marking a 62% increase. This development comes amid heightened market uncertainty, drawing the attention of investors and market watchers alike.

According to real-time figures from CoinMarketCap, this sharp rise in XRP volume highlights increased participation within the crypto community. Market participants are closely watching XRP’s movements, especially during this period of volatility that has rippled across the entire cryptocurrency space.

Over the weekend, the broader digital asset market experienced a notable contraction. Bitcoin dipped below the $100,000 mark, Ethereum saw a 10% decline, and XRP fell to a multi-month low. These declines contributed to a liquidation event that wiped out over $1.01 billion across crypto positions. Despite this bearish wave, XRP rebounded from a low of $1.90, climbing back to the $2 threshold early Monday.

As XRP regained ground, the $2 benchmark emerged as a critical support zone. This rebound was supported by a surge in buy-side momentum and a noticeable reduction in sell-side pressure, helping stabilize XRP’s position. However, bearish sentiment is still exerting influence, and the market remains fragile. Around $656 million in total liquidations have occurred, with $472 million impacting bullish positions. In contrast, shorts faced liquidations around $155 million.

Despite the correction, XRP’s volume remains robust, which may indicate strategic repositioning by traders. This kind of activity often signals preparation for forthcoming market shifts, whether bullish or otherwise. The resilience in volume suggests that participants are not backing away, but instead gearing up for potential breakout or breakdown scenarios.

The XRP price has been fluctuating within a key range of $2 to $2.65. On Sunday, it broke below this channel, pointing to growing bearish pressure. Market observers are now paying close attention to whether support levels around $1.90 can hold in subsequent sessions.

Should XRP fall below $1.90 again, the next significant support lies near $1.61. A breach of this level could set the stage for a further descent to $1.28. However, bullish traders are expected to defend these levels aggressively in an attempt to forestall deeper declines. For XRP to mount a recovery, a swift rally above the $2 mark is vital. Reclaiming higher zones would likely mean XRP faces strong resistance at its moving averages, often a battleground for bulls and bears alike.

Altogether, XRP’s trading environment reflects a mix of fear, recalibration, and opportunity. Coupled with marketwide sell-offs, the sharp rise in XRP volume signals that the asset is still commanding the interest of investors seeking either safe entry points or decisive breakouts. The market’s next move will likely hinge on whether buyers can assert control and push back against current selling dynamics.

For now, XRP remains at a pivotal point in its technical formation, with $2 acting as both a psychological and transactional battleground. The coming days will reveal whether Ripple’s native token can maintain its current footing or if further downside risks are in play.

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Courtesy: CoinMarketCap

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