Even if the cryptocurrency market is experiencing a major decline, XRP has caused a startling 125% increase in trading volume.
XRP is seeing a 138% surge in 24-hour trade volumes, totaling a staggering $3.96 billion, according to CoinMarketCap statistics.
A critical period for the cryptocurrency market, marked by steep drops in the values of key digital assets, coincides with the surge in XRP trading volume. Analysts and investors alike are paying attention to this surprising decision.
There are several reasons for the spike in XRP’s volume, albeit the precise cause is yet unknown. Investors may be taking advantage of the cheaper prices in anticipation of a possible recovery.
Furthermore, even when the market as a whole crashes, there can be a resurgence of interest in XRP as seen by the rising activity.
XRP price takes unexpected turn after golden cross formation
Recently, XRP displayed its first golden cross pattern of the year, which puzzled and conjectured experts and investors alike. A technical analysis pattern known as the “golden cross” is frequently seen as a bullish indication pointing to a possible upward trend. It is defined by the 50-day moving average crossing over the 200-day moving average.
But even while there was hope for the golden cross formation, XRP’s price path took a surprising turn, and the cryptocurrency saw a significant decrease in value soon after.
Early on Tuesday, the price of XRP dropped sharply, from highs of $0.648 to lows of $0.571. After a two-day price rise, XRP hit highs of $0.669 the day before.
As of this writing, XRP has down 4.59% to $0.582 during the previous day, but its losses were smaller than those of the top 10 cryptocurrencies.
Investors and traders are closely monitoring XRP’s development as it works through the uncertainty in the market. A break below the 200-day moving average at $0.57 might be the first sign of impending market decline.
