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XRPThe third-largest cryptocurrency has seen a significant spike in trading volume and price over the past 24 hours.
According to CoinMarketCap DataXRP trading volume has increased by more than 80% in the past 24 hours, reaching $8.99 billion. This is due to a trade volume of over $1 billion on the Korea-focused Upbit exchange.
This jump in trading activity coincided with a 9% increase in the price of XRP, which reached $2.60 during Saturday's session before falling slightly.
XRP started to rise from lows of $2.24 on Friday to reach highs of $2.60 in the Saturday session. At the time of writing, XRP has pared some of its intraday gains but remains up 4% over the past 24 hours to $2.50.
This performance places XRP among the market's biggest gainers, with only Cardano (ADA) recording a larger gain of 5.64% in the same period. XRP is also up 7% in the past seven days.
Related to
The cryptocurrency market is witnessing mixed price action in the trading session on Sunday, with many cryptocurrencies trading in the red zone. Bitcoin (BTC) and Ethereum (ETH) have fallen slightly over the past 24 hours, while XRP momentum continues to gather strength, suggesting further gains are possible.
Is a bigger step on the horizon?
The huge increase in trade volume indicates increased interest in it XRPWhich means more capital moves into the asset. This could also signal the beginning of a larger rally, as technical analysts closely monitor price levels for any signs of further upward momentum.
According to a chart published by the veteran trader Peter BrandtXRP has successfully resolved the bullish flag, with further gains likely if the breakout continues.
However, a decisive break above the $2.60 level could extend the current rally. Likewise, key resistance levels around $2.72 and $2.90 could be crucial in determining whether XRP can start a new move.
If XRP breaks through these levels, it could signal the beginning of a larger uptrend, which could push it to new highs. In contrast, failure to maintain momentum may lead to a consolidation phase or even a pullback where traders take profits. In this scenario, the daily 50 simple moving average around $2.24 remains an important level to monitor immediate support for XRP.
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