XRP price has experienced a notable surge over the past 24-hour period following the market’s renewed interest. The altcoin is currently hovering above $0.61, eying more gains ahead. XRP price is trading at $0.6132 during the European session, making a surge of 4.46%.
The 24-hour trading volume for XRP is standing at $2,112,309,976. This represents a 67.41% increase from the previous period, indicating a high level of trading activity and investor interest in XRP at the moment. According to CoinMarketCap data, XRP’s current market capitalization is $34,282,040,318, a 4.45% increase from the previous value.
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XRP Eyes on Higher Gains Amid Market Surge
Over the past week, the cryptocurrency XRP has seen a notable increase in value, with its price rising by 15.58%. XRP’s performance marks a notable rebound after a fluctuating period. The cryptocurrency reached its weekly high at $0.63, demonstrating resilience in the market.
This surge is reflected in the green upward trends seen on the charts, with the price recovering from a weekly low of $0.53. Looking at the monthly chart, the XRP price has seen a surge of 25%, marking a significant upward movement after a period of relative stagnation.
The bullish trend in XRP’s market has seen its price rise significantly, indicating a potential uptrend. If this momentum continues, XRP could surpass the resistance at $0.62. Maintaining this trend may drive its value close to $0.70. There’s potential for it to hit $1 during the next surge.
Conversely, If market sentiment turns bearish, XRP may find its footing near $0.61. Any further decline could decrease the price to $0.60, underscoring the market’s volatility. Persistent downward pressure could even force the price below $0.59. This fluctuation highlights the inherent unpredictability of the cryptocurrency markets.
Whale Movements Trigger XRP Market Buzz
XRP has experienced a notable uptick in value, coinciding with two significant cryptocurrency transfers totaling over $30 million. Monitoring platform Whale Alert tracked these transactions, noting a 7% rise in XRP’s price within a single night.
In one of the transactions, a withdrawal of 23,656,185 XRP moved from Binance to an unknown digital wallet. The transfer amounted to approximately $14,075,541. The second major transaction involved moving 28,110,000 XRP to the Bitstamp exchange. This transfer was valued at around $16,612,755. These two events occurred within 13 hours.
🚨 23,656,185 #XRP (14,075,541 USD) transferred from #Binance to unknown wallethttps://t.co/dSHbURC9Zy
— Whale Alert (@whale_alert) July 22, 2024
Further details from Bithomp, which specializes in XRP data, indicate that the Binance transfer was an internal move between the exchange’s wallets. Meanwhile, the Bitstamp-bound XRP came from a wallet associated with Ripple, the San Francisco-based cryptocurrency giant.
Technical Indicators Strengthen Bullish Outlook for XRP
The 24-hour technical indicators for XRP’s price show a bullish signal. The Relative Strength Index (RSI) is currently at 69, approaching the overbought threshold of 70 but still indicating strong buying pressure.
The Moving Average Convergence Divergence (MACD) also shows a positive crossover with the signal line, suggesting that the momentum may continue upward. The histogram on the MACD indicator also shows positive momentum, as evidenced by the increasing bar heights in the bullish direction.
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