- XRP’s 16.23% rise signals strong bullish sentiment and growing market confidence.
- Surge in trading volume suggests heightened investor interest, fueling uptrend.
- Overbought conditions and key resistance levels hint at potential short-term pullback.
XRP has surged in price, outperforming even Bitcoin over the past three years, according to analyst Bill Morgan. This upward trend accelerated sharply, with XRP gaining 16.23% in the last 24 hours alone. Trading at $1.71 , XRP’s market cap has exceeded $100 billion, signaling renewed investor confidence and strong market activity.
Volume Surge Fuels XRP’s Rise
The strong bullish momentum attached to XRP became evident when its price leaped from $1.47 to $1.71. This surge coincided with a dramatic 127.03% spike in 24-hour trading volume, likely fueled by major market events or significant news.
This $11 billion volume spike contrasts with Ripple’s routine monthly sales of $200 million, which now seem minimal compared to this activity.
XRP’s strong daily performance reflects growing market participation and optimism. Investors seem undeterred by past skepticism surrounding Ripple’s escrow releases, with some critics of these practices reconsidering their positions.
Key Support and Resistance Levels Shaping Market Behavior
The price chart reveals critical support and resistance levels. The $1.47 mark served as a key support, marking a low where buyers re-entered the market, driving prices higher. Additionally, the $1.60 level emerged as another minor support, consolidating momentum during the price ascent.
Source: Coinmarketcap
However, XRP initially faced rejection near $1.75, creating a potential barrier. If the uptrend continues, the $1.80 level could become a significant psychological resistance, potentially attracting sellers.
Read also: XRP’s 830% Growth Potential—Analyst Says $1.10 Launchpad Could Hit $13
Indicators Suggest a Possible Pullback
XRP/USD 1-hour price chart, Source: Trading view
Technical indicators suggest that a short-term correction could follow XRP’s rapid rise. The 1-hour Relative Strength Index (RSI) stands at 70.12, signaling overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) remains above the signal line, indicating persistent bullish momentum but hinting at a possible slowdown.
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