XRP Skyrockets 112% in Volume as Price Turns Bullish Green

Over the past 24 hours, XRP’s trading volume has doubled, coinciding with a significant recovery in the broader crypto market during the early Thursday trading session. This surge in volume has been matched by a corresponding increase in the price of XRP.

On Wednesday, the U.S. Federal Reserve chose to maintain its benchmark interest rate at 4.25%-4.5%, a level it has held since December. Initially, the crypto markets reacted negatively to this news, but later rebounded as investors seized the opportunity to buy the dip.

A majority of major tokens, including XRP, saw upward movement during this market rebound, with Bitcoin making its approach to the $100,000 mark for the first time since February. XRP itself experienced a significant uptick, rising up to 6% from a low of $2.117 to $2.219, marked by a robust green daily candlestick.

As of the latest update, XRP was up 3.33% over the past 24 hours, now priced at $2.2, although still showing a slight weekly decline of 1.13%.

Data from CoinMarketCap indicates that XRP’s trading volume has reached 2.17 billion in the last 24 hours, which equates to approximately $4.8 billion, marking a 120% increase.

Following a sustained decline from the high of $2.36 noted on April 28, XRP fell below the daily moving average of 50 on May 4. Despite this, bearish forces were unable to push the price to the $2 support threshold.

The price of XRP hit a low of $2.07 on May 6, whereupon it began to recover. Attempts by bulls to reclaim the daily SMA 50 at $2.172 encountered resistance in the subsequent trading sessions.

Thanks to a notable price surge during the early Thursday session, XRP has surpassed the daily SMA 50 once more. This development suggests that buyers may be regaining control, and confidence in XRP’s short-term prospects might be strengthening.

Should XRP continue its upward trajectory, a breakthrough and closure above the $2.60 mark could indicate a potential trend reversal, possibly rallying toward $3. Conversely, a fall below $2 could lead the price to dip into the $1.72 to $1.61 support zone.

However, current flat moving averages and an RSI slightly above the midpoint suggest that XRP could remain bounded between the $2.60 resistance and $2 support level for some time, before making a more significant move.

As the crypto landscape evolves, traders and investors will be closely watching XRP for further developments, as it remains a critical player in the market’s dynamics. Keeping an eye on key support and resistance levels will be crucial in predicting and navigating potential price movements.