Ripple’s trading volume surges 1500% amid the crypto bear market which will likely lead to an unexpected price movement so let’s read more today in our ripple XRP news.
Ripple’s trading volume increased on July 15th and the sudden surge in on-chain activity can be reflected in the XRP price which faces stiff resistance at $0.35. The trading volume increased by more than 1500% but the increase in network activity was actually short-lived since the move could hint an upcomign spike in price volatility and traders are starting to turn their attention towards ripple. The data from Santiment shows that XRP saw a surge in interest on all major crypto exchanges on Friday and the on-chain analytics company affirmed that 19 billion coins were traded on July 15 and the sudden spike in activity could anticipate a price action for the asset with stronger volatility.
XRP’s trading volume returned to the previous levels and it is hovering at 1.23 billion XRP. Looking from a technical perspective, XRP seems to be approaching a significant area of resistance after the 13% increase in the past three days. The 100hour moving average and the upper boundary of the parallel channel which developed on the four-hour chart acts as a significant hurdle near the $0.35. XRP has to gain enough momentum to overcome the supply barrier and can trigger a bullish breakout near the 200-hour moving average at the $0.45 level.
It is worth noting that a rejection of the $0.35 resistance can invalidate the optimistic outlook and failing to pass this level could launch an amount of selling pressure that will pish XPR below the 50-hour moving average. If XRP losses this area of support, a downswing to $0.30 could follow.
As earlier reported, Ripple’s native token XRP hasn’t seen strong growth with the case still ongoing but the stagnation in price lingered before the emergence of the crypto winter. Things seemingly are taking a dramatic twist for xRP and with the ruling of the case, the price of the coin is waking positively. The crypto coin is becoming the leading choice for most of the Binance Smart Chain whales. XRP showed more stability amid the collapse of the broader market and it is among the rare tokens which didn’t show a strong swing in value.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post