XRP Trading Volume Surges 50% Amid Multi-Month High in DEX Activity

XRP is showing signs of recovery after dropping to $2.20 last week, aligning with a broader crypto market uptrend on October 20. Key developments include:

XRP's 24-hour trading volume increased by 50%, reaching $4.05 billion, indicating renewed investor interest.
Between October 8 and 17, XRP Ledger’s DEX volume spiked despite a price drop, suggesting potential capitulation or accumulation by investors.
After a crash on October 10, where XRP prices fell to $1.70, the current price has rebounded to $2.46, marking a 5% daily gain according to CoinMarketCap.
Ripple Labs aims to raise over $1 billion for an XRP-focused digital asset treasury, which could affect XRP’s supply and institutional interest.
Macroeconomic factors, such as the US government shutdown affecting SEC activities and ETF approvals, continue to influence market conditions.
XRP remains 17.5% down over the past month, but potential movements in the Senate could revitalize ETF optimism.

Technical Analysis

XRP is nearing the middle Bollinger Band (20-day SMA) on the daily chart, indicating a possible short-term recovery with resistance around $2.80.
The RSI suggests XRP is moving from bearish-to-neutral territory, with a move above 50 potentially confirming bullish momentum.
If XRP fails to maintain support at $2.30, it could drop to $2.10.