With a 24-hour increase of 23.2%, XRP has swept the cryptocurrency world by storm, briefly breaking the $2 mark and now trading at $2.33. Its overall market capitalization has increased to $132.08 billion as a result of this surge surpassing Solana to become the fourth-largest cryptocurrency.
The trading volume of XRP on Upbit, the biggest exchange in South Korea, was noteworthy as it reached $369 billion, or an astounding 27% of its total trading volume. On the other hand, the trading volumes of Ethereum and Bitcoin were much lower, at $225 million and $339 million respectively.
The rapid ascent of XRP has significant ramifications. First, it draws attention to a change in the mood of the market, especially in Asia, where price movements have been influenced by activity. The spike in price and volume also shows that investors are once again confident in XRP, even after its price dropped to $0.1037 due to the SEC lawsuit.
XRP appears to have reclaimed its position as a leading cryptocurrency now that the lawsuit is mostly over. A crucial psychological milestone was reached by XRP when it broke above $2, according to a price chart analysis. The asset may soon target the $2.50 and $3.00 levels, according to its continued upward momentum and robust volume.
But the RSI at 93.91 suggests that the market is overbought, which increases the possibility of a brief decline. Two important support levels to keep an eye on are $2.00 and $1.70, where XRP may level off before moving higher. As a leading indicator of general market trends, XRP's dominance on Upbit also suggests rising demand in South Korea.
The difference in trading volume between XRP and Bitcoin and Ethereum emphasizes the cryptocurrency's distinct place in the current market cycle. The rally in XRP is evidence of both its tenacity and the changing nature of the cryptocurrency market.
It is positioned as a key participant in the current cryptocurrency bull run because of its strong fundamentals and market activity, which suggest further growth even though its overbought status suggests caution in the short term.
