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<a href="https://u.today/xrp-rides-wave-of-11-billion-market-inflows-as-bitcoin-etfs-heat-up" rel="noopener noreferrer nofollow">XRP</a> has witnessed a significant surge in trading volume, with a staggering $1.6 billion worth of trade in the last 24 hours. This surge comes as the price of XRP experiences a notable leap in value, indicating renewed interest and activity within the cryptocurrency market.
According to <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap data</a>, 2.869 billion XRP, or $1.6 billion worth of XRP, has been traded in the last 24 hours, a 61% increase from the previous day.
The <a href="https://u.today/xrp-soars-with-540-million-market-cap-boost-details" rel="noopener noreferrer nofollow">trading volume</a> surge was accompanied by a price jump of nearly 5%, as XRP reached a high of $0.559 in early trading today. The last time XRP traded near this level was about a month ago, on Jan. 18.
The $1.6 billion worth of traded XRP indicates substantial liquidity within the XRP market, providing investors with ample opportunities to buy and sell the cryptocurrency. This liquidity is crucial for maintaining a healthy and vibrant market, allowing for efficient price discovery and minimizing the impact of large trades on XRP's price. <img alt="TradingView" data-entity-type="file" data-entity-uuid="fad5a654-0423-46a1-8dd3-2f44d26de7d7" src="https://u.today/sites/default/files/inline-images/2024%200215%200000.png"><a href="https://www.tradingview.com/x/FTBVRpBg/" rel="noopener noreferrer nofollow">XRP/USD Daily Chart, Courtesy: TradingView</a>
The recent price and volume spike in XRP could be attributed to various factors, most likely the positive sentiment in the overall cryptocurrency market, as Bitcoin touched $52,000, its highest level since December 2021.
XRP has been a beneficiary of the market's positive sentiment, seeing positive inflows for two consecutive weeks, per a recent CoinShares report.
XRP has been on a steady rise since hitting lows of $0.485 on Jan. 31. The rally progressed, with the price slightly surpassing the daily MA 50 barrier at $0.553.
That said, XRP's further advances might depend on a sustained close above its daily moving averages of 50 and 200 at $0.552 and $0.568, in which case XRP might progress to retest the $0.62 level. If the bulls succeed, the $0.658 and $0.70 levels might come into view.
On the other hand, the $0.50 level seems like a formidable support for the XRP price if bears make a comeback.

XRP Makes Huge Jump, Achieves $1.6 Billion Trading Volume in 24 Hours

U_Today

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