XRP Volumes Soar by 112%, Price Shows Promising Uptrend
🚨 Disclaimers be gone, it's party time! Here's the lowdown on XRP:
Over the past day, XRP's volume exploded as the wider crypto market roared back to life during the early Thursday trading session. The price of XRP followed suit, surging higher alongside the volume spike.
On Wednesday, the US Federal Reserve kept interest rates steady at 4.25%. The crypto market dipped but soon bounced back as the dips got gobbled up.
Major tokens, including XRP, climbed uphill during the recent market recovery, with Bitcoin coming close to $100,000 for the first time since February. XRP shot up by 6%, from $2.117 to $2.219, boasting a big green daily candlestick.
📈📈📈 XRP Volume Skyrockets 112%, Price Isn't Far Behind
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At press time, XRP was up 3.33%, at a cool $2.2. However, it was still down 1.13% on the week.
As per CoinMarketCap, $4.8 billion worth of XRP has changed hands in the past 24 hours, a whopping 120% increase in volume.
XRP Price Action
After a prolonged descent from highs of $2.36 on April 28, XRP slipped below the daily moving average of 50 on May 4. But the bears weren't able to drag the price down to the $2 support level.
🦹♂️🦹♀️🦹♂️ If XRP breaks and holds above the $2.60 mark, it could easily secure $3. A break and hold below $2, though, would set the stage for a drop to the $1.72 - $1.61 support zone.
However, the flat moving averages and an RSI hovering around the midpoint suggest that XRP may stay locked between $2.60 and $2 for some time before making its next big move.
💰💰💰 Intriguing Factors Influencing the XRP Surge:
- Rising institutional interest and positive news regarding the Ripple lawsuit have significantly boosted the volume and price of XRP.
- Increased accumulation by whales, especially those with XRP holdings between 10 million and 100 million, has surged, suggesting an expectation for a bullish move ahead.
- The derivatives market has witnessed a surge in open interest, implying a bullish bias among traders.
- The XRP Ledger has seen a considerable increase in transactions, surpassing one million in early May 2025, hinting at growing real-world adoption.
- Favorable macroeconomic conditions, particularly the Fed's stance, have contributed to the bullish sentiment around XRP.
These factors have combined to increase the volume – up by around 120% in the last 24 hours – and the price of XRP by over 3% within the same period.
- Tomiwabold's finance analysis indicates that the surge in XRP's volume and price over the past day is not a fluke, but part of a broader crypto market recovery, with major tokens like XRP climbing during the recovery.
- The price of XRP rebounded after a dip following the US Federal Reserve's decision to keep interest rates steady, as the market soon bounced back.
- XRP's price shot up by 6% within the past day, boosting its outlook in the crypto trading market and raising the prospects of a potential break above the $2.60 mark.
- The technology behind XRP, the XRP Ledger, has witnessed an increase in transactions, hinting at growing real-world adoption.
- The surge in open interest in the derivatives market suggests a bullish bias among traders, further supporting the positive momentum for XRP.
- Institutional interest and positive news about the Ripple lawsuit have boosted the volume and price of XRP significantly, as have increased accumulations by whales with large XRP holdings.
