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XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next?

XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next?

CoinEditionCoinEdition2024/11/29 16:00
By:Izabela Anna

XRP’s 16.23% rise signals strong bullish sentiment and growing market confidence. Surge in trading volume suggests heightened investor interest, fueling uptrend. Overbought conditions and key resistance levels hint at potential short-term pullback.

  • XRP’s 16.23% rise signals strong bullish sentiment and growing market confidence.
  • Surge in trading volume suggests heightened investor interest, fueling uptrend.
  • Overbought conditions and key resistance levels hint at potential short-term pullback.

XRP has surged in price, outperforming even Bitcoin over the past three years, according to analyst Bill Morgan. This upward trend accelerated sharply, with XRP gaining 16.23% in the last 24 hours alone. Trading at $1.71 , XRP’s market cap has exceeded $100 billion, signaling renewed investor confidence and strong market activity.

Volume Surge Fuels XRP’s Rise

The strong bullish momentum attached to XRP became evident when its price leaped from $1.47 to $1.71. This surge coincided with a dramatic 127.03% spike in 24-hour trading volume, likely fueled by major market events or significant news.

This $11 billion volume spike contrasts with Ripple’s routine monthly sales of $200 million, which now seem minimal compared to this activity.

XRP’s strong daily performance reflects growing market participation and optimism. Investors seem undeterred by past skepticism surrounding Ripple’s escrow releases, with some critics of these practices reconsidering their positions.

Key Support and Resistance Levels Shaping Market Behavior

The price chart reveals critical support and resistance levels. The $1.47 mark served as a key support, marking a low where buyers re-entered the market, driving prices higher. Additionally, the $1.60 level emerged as another minor support, consolidating momentum during the price ascent.

XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next? image 0 XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next? image 1 Source: Coinmarketcap

However, XRP initially faced rejection near $1.75, creating a potential barrier. If the uptrend continues, the $1.80 level could become a significant psychological resistance, potentially attracting sellers.

Read also: XRP’s 830% Growth Potential—Analyst Says $1.10 Launchpad Could Hit $13

Indicators Suggest a Possible Pullback

XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next? image 2 XRP Hits $100 Billion Market Cap Amid Surging Trading Volume: What’s Next? image 3 XRP/USD 1-hour price chart, Source: Trading view

Technical indicators suggest that a short-term correction could follow XRP’s rapid rise. The 1-hour Relative Strength Index (RSI) stands at 70.12, signaling overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) remains above the signal line, indicating persistent bullish momentum but hinting at a possible slowdown.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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