XRP News Today: XRP Surges 80% in Daily Trading Volume to $4.35 Billion
2min read XRP, the cryptocurrency associated with Ripple, is currently trading at $2.17, marking a significant surge in daily trading volumes by 80% to $4.35 billion. This increase in trading activity indicates a growing interest among traders in the Ripple cryptocurrency, particularly as discussions around Ripple reserves gain momentum.
XRP has found support at $2.08 and has since initiated a fresh increase, trading above $2.12 and the 100-hourly Simple Moving Average. The cryptocurrency has broken above a key bearish trend line with resistance near $2.14 on the hourly chart of the XRP/USD pair, suggesting a bullish momentum.
Ask Aime: "Why is XRP surging with increased trading volumes?"
Crypto analyst Dark Defender has provided an updated outlook on XRP’s price trajectory. According to his analysis, XRP could encounter immediate resistance at $2.22 and $2.36. He also noted that the recent correction to $2.13 has completed, reversing the trajectory upward and avoiding massive liquidations worth $60 million in XRP. Dark Defender's analysis suggests an initial surge to $3, followed by Wave 3 and Wave 5 targets of $4.4 and $6.3, respectively, in the short term.
Recent blockchain activity has highlighted major XRP transactions involving Ripple whales, capturing market attention. Two notable transfers were recorded on the blockchain. The first involved 70 million XRP valued at approximately $148.3 million, while the second, more substantial transfer involved 300 million XRP worth around $633.7 million. Both transactions were directed to unknown wallets, fueling speculation about potential XRP price movements in the near future.
On the technical side, the hourly MACD for XRP/USD is gaining pace in the bullish zone. The Relative Strength Index (RSI) for XRP/USD is now above the 50 level, indicating positive momentum. The first major resistance is near the $2.18 level, with the next at $2.20. A clear move above the $2.20 resistance might send the price toward $2.22 or even $2.30 in the near term. However, if XRP fails to clear the $2.18 resistance zone, it could start another decline with initial support near the $2.13 level, followed by $2.12.
Crypto attorney Fred Rispoli has pointed out an important development for XRP. According to newly passed legislation, if XRP achieves a $500 billion market capitalization this year, it would qualify for inclusion in the state’s digital asset strategic reserve by 2026. For a $500 billion market cap, the XRP price would need to trade around $8.5. Many analysts have already predicted a rally beyond $10 by the end of 2025. If XRP maintains its current momentum, it may face resistance near the $2.18 level and the 50% Fibonacci retracement level of the downward move from the $2.25 swing high to the $2.07 low.
The current market conditions and technical indicators suggest XRP’s price may continue its upward trajectory, especially if broader crypto market conditions remain favorable. The surge in trading volumes and the bullish technical indicators point to a positive outlook for XRP in the near term. However, traders should remain cautious and monitor the market closely for any potential resistance levels or corrections.
