According to U.Today, XRP, the eighth-largest cryptocurrency by market capitalization, has experienced a significant increase in trading volumes over the past 24 hours. Data from CoinMarketCap reveals that XRP's trading volume surged by 103.21%, with 7.45 billion XRP traded, amounting to $4.37 billion. This uptick in activity aligns with a broader market surge, highlighted by Bitcoin reaching an unprecedented all-time high of $82,444. This milestone for Bitcoin has spurred demand for other altcoins, including XRP, which has been on the rise since November 4, driven by bullish market sentiment.
In recent trading sessions, XRP saw a notable price increase, climbing from lows of $0.55 to highs of $0.613, forming a significant green candlestick. However, XRP has since relinquished most of its daily gains as it encountered resistance at $0.613. At the time of writing, XRP was up by just 0.29% over the last 24 hours, trading at $0.586, and showing a 15% increase on a weekly basis. Despite these gains, XRP's performance remains lackluster compared to other top 10 cryptocurrencies, both on daily and weekly time frames. This raises questions about whether bulls are preparing for further moves, as traders may be considering taking profits following the recent rally.
Notably, XRP's price has formed a golden cross on its four-hour charts, suggesting potential short-term price gains if this signal is confirmed. However, this moving average-based indicator is often criticized for being a lagging signal that could mislead traders. Currently, the XRP rally has pushed it above the daily moving averages of 50 and 200, at $0.545 and $0.537, respectively. XRP reached highs of $0.618, but bulls were unable to sustain the momentum, causing the price to drop to lows of $0.57 in today's trading session.
Looking ahead, a further price decline may find support near the daily SMA 50. If bears succeed, XRP's price could fall to $0.53, a level expected to attract buyers. Should XRP recover strongly from this critical level, bulls might attempt to push the price to $0.64. Conversely, if XRP surpasses $0.618, the price could target $0.664, followed by $0.74.
