Yesterday, Ripple (XRP), according to the crypto market data portal WhaleWire, was able to outperform Bitcoin (BTC) in terms of volume of purchases and sales. The remittance token contributed for around 21% of the total volume of cryptocurrency purchases and sales after its remarkable SEC victory.
WhaleWire also disclosed that in just 4 days, XRP’s trading volume reached $25 billion. This turned out to be the biggest reported amount for XRP in the prior 1.5 years. According to CoinMarketCap, this information has actually caught the attention of purchasers as XRP’s value increased by more than 6% in only the past 24 hours.
Additionally, this won the cryptocurrency the second rank on the trending list of the market monitoring website. At the time of publication, the value of XRP was $0.7991, which indicated that it was trading just above its daily low of $0.7366.
Additionally, throughout the course of the previous day, XRP’s 24-hour trading volume was able to increase by more than 37%, bringing it to $3,336,247,107. The remittance token’s weekly efficiency increased by 68.48% in addition to its 24-hour success.
The cryptocurrency’s monthly performance also attracted attention because it was still over 62% in the negative territory. With a market cap of $41,942,005,275, XRP was the fourth-largest cryptocurrency in the meantime.
Technically speaking, the momentum indicators on each day’s chart for XRP were bullishly aligned. The 9-day EMA line was above the 20-day EMA line at the time of publication, and both indicators were above the 50-day EMA line. This indicated a medium- to long-term bullish development for the remittance token.
Should this upward trend continue, XRP’s price may surpass the next major resistance level at $0.8282 and turn the price level into support as well. In this case, the altcoin may have a clear path to reach $1.00 within the next several weeks.
Alternatively, if XRP’s price pulls down over the course of the next 48 hours, it can try to retest the crucial support level at $0.6860. Nevertheless, considering the high volume of trading and the positive atmosphere surrounding the cryptocurrency, it might not fall below this figure.
