In the past 48 hours, XRP’s genuine trading volume has increased to an astounding $25 billion. However, it’s unclear why this is the case. Let’s attempt to dissect everything.
The real volume chart shows that trade has been steadily increasing, but things have suddenly picked up a lot. This kind of leap makes you wonder, why now? One explanation would be that the market is emerging from correction mode, which is typically accompanied by heavy trading in large caps like XRP.
The price of XRP has been fluctuating, but there was a brief period when it increased more than it had in a long time. Traders refer to this as a “higher high.” It indicates that consumers were temporarily ready to spend more for XRP than they have in the past.
The resistance level, close to $0.60, which acts as a ceiling that the price must breach in order to continue rising, and the support level, around $0.50, where the price has previously recovered, are the important levels to keep an eye on right now.
Let’s speculate for a moment as to why this may be occurring. It’s possible that despite the asset’s continued suppression, investors are beginning to purchase more XRP as they grow more optimistic about the future.
The price of XRP may rise if this trend continues, particularly if it overcomes that barrier level. But it’s a wait-and-see situation with cryptocurrencies as usual. It is crucial to monitor the market since there is always a possibility that prices might change in the opposite direction.
A sharp increase in XRP’s volume might indicate many different things, but one thing is certain: XRP may be preparing for a real reversal at last. However, an asset’s price gain is not always correlated with an increase in the underlying indicator.
