While the crypto market is experiencing a huge decline, XRP coin ‘s transaction volume increased by 125%. According to CoinGecko data, XRP’s 24-hour trading volume increased by 138%, reaching $3.96 billion. This increase comes at a time when prices of other major digital assets are experiencing significant declines. Therefore, it happened at an important time for the crypto market. This sudden rise attracted the attention of both investors and analysts.
The exact reason for this increase in XRP’s transaction volume is unknown. However, it is possible that it can be attributed to various factors. Investors may have made a strategic move to benefit from low prices in anticipation of a possible recovery. Additionally, it is possible that the increased activity could indicate increased interest in XRP, even if there is a market-wide decline. This is likely to create more uncertainty in the market about the future movements of XRP.
XRP Price Made an Unexpected Turn After Golden Confluence Formation
XRP recently released its first gold crossover pattern of the year, sparking curiosity and speculation among investors and analysts alike. A golden crossover is a technical analysis pattern characterized by the 50-day moving average crossing above the 200-day moving average. Additionally, it is often viewed as a bullish signal indicating a potential uptrend.
However, despite the growing optimism around the gold cross formation, XRP’s price trend has taken an unexpected turn. In this context, the cryptocurrency witnessed a significant depreciation in a short time. The price of the XRP coin dropped dramatically in the early hours of Tuesday, dropping from $0.648 to $0.571. The previous day, XRP hit its highest level at $0.669, thus resulting in a two-day price increase. This sudden change shows that there are still uncertainties in the market and attracts the attention of investors.
At the time of writing, XRP coin is down 4.59% in the last 24 hours to $0.582. However, it recorded lower losses among the top 10 cryptocurrencies. Investors and traders are closely following how XRP will fare against market uncertainties. Potentially, the first indication of price weakness would be a break below the 200 daily moving average at $0.57.
