XRP Surges 3.6% Amid Market Volatility and Increased Trading Volume
XRP increased by 3.6% in the last 24 hours, reaching a peak of $2.33 before stabilizing around $2.25. The token surpassed resistance at $2.21 and established new support at $2.29.
Market Context
Trade tensions between the U.S. and China have impacted risk assets, yet XRP's utility in cross-border settlements has garnered investor confidence. Diverging interest rates among central banks have boosted digital asset trading volumes, benefitting XRP during key policy announcements. Speculation surrounding a spot XRP ETF and significant block trades indicate institutional accumulation ahead of potential regulatory developments.
Price Movement
- XRP fluctuated within a 7.5% range from $2.177 to $2.338, with strong buying occurring from 11:00 to 16:00, breaking above $2.21.
- Sellers pushed the price down to $2.23 between 22:00 and 23:00 on over 100 million units traded, establishing temporary support.
- A bullish surge occurred at 01:32–01:33, increasing the price from $2.247 to $2.255 on 1.6 million units.
- A reversal later broke the $2.250 support, forming new support at $2.246.
Technical Overview
- Resistance transitioned to support after clearing $2.21, currently testing $2.30.
- New support confirmed in the $2.246–$2.29 range.
- High volume during breakouts and pullbacks indicates strong conviction from buyers and sellers.
- Current price action aligns with Fibonacci targets, suggesting a potential rise to $2.40 if support holds.