XRP is ranked 7th in terms of market capitalization and has posted higher trading volumes over the last day.
This surge happened within a period when the majority of the market experienced sell-offs that led to massive liquidations of $321 million worth of different tokens.
Within the last 24 hours, Ripple has had an astounding up to $1.55 billion in trading volume, which has increased by 63% within a week, according to the data available at CoinMarketCap.
During market and extensive liquidated phases, XRP has experienced trading volumes. Today alone, as highlighted by CoinGlass, liquidations worth $321 million exerted strong selling pressure on various cryptocurrencies, pushing prices down and boosting market swings.
XRP has not been spared either, having recently experienced. This is down by 6.15% in the last 24 hours and is currently priced at $0.4517.
Increased trading volumes suggest that there is more interest in Ripple as both buyers and sellers are attracted due to current market fluctuations.
The higher trading volume of Ripple indicates active trader participation in the prevailing cryptocurrency market environment of forced selling and value hunting.
Predicting the Next Movement of XRP Price
In the short term, the market is thus closely observing the price of XRP while the selling continues.
If XRP continues to fall from its current $0.457 level, it can approach close to $0.41, with bullish support expected between $0.46.
On the positive side, breaking the critical daily simple moving average of 50 at $0.503 could mark the start of the recovery to the daily SMA 200 at $0.554 and possibly touching $0.57.
Disclaimer: Cryptocurrency investments are considered high-risk and may result in an entire lack of capital; the facts provided are widespread, and beginners are not advised to spend money on shares.
