According to data from CoinGlass, XRP has experienced a strong 96% increase in trading volume in the last 24 hours. The total amount reached an impressive $2 million, clearly demonstrating the increased activity.
According to data obtained from both spot and derivative markets, there is a significant increase in XRP trading transactions. Remarkably, this increase accounts for 6.66% of the token’s total market cap, indicating a normative level of participation among investors.
As reported by CoinMarketCap, as of the latest news, XRP’s market cap stands at $30.65 billion, maintaining its position as the sixth largest digital asset in the market.
This increase in trading volume occurred during the same period as a significant movement in the altcoin price. Over the past 24 hours, the price experienced a significant decline of 4.52%, but quickly recovered and recorded a recovery of 2.07%, recouping more than half of the losses.
A noteworthy detail in this development is that it is trading at $0.564, a level that is considered an important support. Since May 2022, the token has tried to break out of this level three times and finally managed to break it in July 2023 after a positive decision in the SEC v. Ripple case. However, the price has since circled around this mark and dropped back to it.
All eyes are now on the cryptocurrency community to see whether XRP’s bids will recover from this critical support level or break down and potentially turn into a resistance zone. The dynamics at play suggest that this is a potentially pivotal moment for one of the leading digital assets in the market.