XRP Price Rises 1.5% as Trading Volume Surges 133% in a Week
by Oliver Dale · BlockonomiTLDR
- XRP price rose 1.5% in 24 hours, outperforming the broader crypto market
- XRP’s trading volume increased 133% over 7 days to $2.2 billion
- XRP market cap reached $35.4 billion, ranking 7th among cryptocurrencies
- Technical analysis shows a 4-year symmetrical triangle pattern forming
- $1.9 million in XRP futures positions liquidated in 24 hours
XRP, the cryptocurrency associated with Ripple, saw its price increase by 1.5% over the past 24 hours, reaching an intraday high of $0.6328.
This uptick comes as the broader cryptocurrency market experienced a slight decline of 0.3%, bringing the global crypto market capitalization to $2.3 trillion.
The price increase coincides with a significant surge in trading activity for XRP. Over the last seven days, spot trading volumes for XRP topped $2.2 billion on September 28, marking a 133% increase since September 21.
This boost in trading volume suggests growing interest and activity surrounding the digital asset.
XRP’s market capitalization has also seen an uptick, rising to $35.4 billion. This increase has solidified XRP’s position as the seventh-largest cryptocurrency by market cap, highlighting its continued relevance in the crypto ecosystem.
The recent price movement comes after several weeks of sideways price action for XRP. The current upward trend may indicate the beginning of a sustained recovery for the digital asset.
Data from trading platforms shows that XRP has outperformed Bitcoin, the largest cryptocurrency by market cap, over the past 90 days. While Bitcoin has gained 5% during this period, XRP has surged by 31%.
Technical analysts have noted a potentially bullish signal for XRP in the form of a large symmetrical triangle pattern on its monthly chart.
This pattern, which has been forming over the past four years, suggests the possibility of significant price movement in the near future.
Some analysts speculate that a breakout from this pattern could lead to substantial gains for XRP, with projections ranging from $10 to $20, though such predictions should be viewed with caution.
The increased volatility in XRP’s price has led to notable activity in the futures market. Over the past 24 hours, approximately $1.9 million worth of XRP futures positions were liquidated. Of these liquidations, 73% were long positions, totaling about $1.37 million.
Despite the recent price increase, futures traders appear cautious about a quick rebound. Current market data shows $16.76 million in short positions at risk if the price reaches $0.65, while a 10% decline to $0.60 would result in the liquidation of $17.75 million in long positions.
It’s important to note that while XRP has shown strong performance recently, the cryptocurrency market remains highly volatile and unpredictable.
Investors should always conduct thorough research and consider their risk tolerance before making investment decisions.
The recent price movement and increased trading activity for XRP come against the backdrop of ongoing legal proceedings between Ripple, the company closely associated with XRP, and the U.S. Securities and Exchange Commission (SEC).
The outcome of this case could have significant implications for XRP and the broader cryptocurrency industry.