XRP trading volumes jump 111%, Binance accounts for largest share
XRP is witnessing an increase in interest from traders as its trading volume has increased by 111% in the last 24 hours. Amidst the current market scenario, several crypto assets took bearish action coupled with a drop in trading volumes.
The recent FTX implosion and its subsequent hack sent shockwaves across the entire crypto industry. Several cryptocurrencies tumbled, including XRP.
XRP dipped for three consecutive days and hit a low of $0.358 at press time, from where it has rebounded. XRP is currently trading up 2% at $0.354, reaching an intraday high of $0.358.
Most likely, the rise in XRP volume may have been caused by investors wanting to buy XRP at its recent lows. Traders have probably been scurrying to take advantage of the opportunity presented by the recent XRP volatility. The total number of units traded between buyers and sellers, or trading volume, is, however, said by some observers to be an unreliable measure of investor positioning.
Top crypto exchange Binance holds a major share of the trading volume.
XRP price action
Over the past seven days, XRP has seen a drop in value, as it lost 25.25%. Meanwhile, it has traded in a range of $0.3203 to $0.4668 in the past seven days.
On the upside, a breakout of the $0.40 barrier on the daily MA 200 as a support floor could be the key to recovering recent losses. In such a situation, XRP price may increase by 12% to $0.447 and then reach the level of $0.47.
On the other hand, further declines from its current levels might see a retest of the $0.32 level ahead of the $0.314 floor.
