XRP Trading Volume Spikes: Will It Break Through $2.30?

XRP has regained momentum, bouncing back from a low of $2.137 to reclaim the $2.20 mark. Data from CoinMarketCap confirms a 1.75% increase in the past 24 hours. This rebound highlights XRP’s resilience amid ongoing market fluctuations.

Bullish Momentum Returns

The asset shows signs of renewed bullish energy, supported by increased investor confidence. Trading volume surged by 19.58%, reaching $5.59 billion. XRP climbed as high as $2.2303 in the last 24 hours before stabilizing at its current price. Analysts believe that XRP’s ability to maintain support at this level will determine whether it sustains upward momentum.

_{Source: CoinMarketCap}

Overcoming resistance at $2.30 remains crucial for XRP to extend its rally. The $2.30 price point serves as a significant hurdle, with investors eagerly watching for signs of further growth. Despite this optimism, XRP is still facing bearish pressure. It has yet to consolidate fully, which would provide a stronger base for higher price levels.

However, rising trading volumes signal growing interest, which could help XRP break past the $2.30 resistance. If sustained momentum continues, XRP might achieve impressive gains and set its sights on higher targets in this bullish cycle.

Local Highs and Support Challenges

XRP’s local high stands at $2.90, requiring an additional $0.70 increase to reach it. For this to happen, community support and strong market sentiment are vital. Ripple’s new stablecoin, RLUSD, has gained significant traction within just 10 days of its launch. This development could play a critical role in boosting XRP prices further.

Ripple needs broader availability on major crypto exchanges to achieve its goals. Platforms like Coinbase, Binance, and Bybit have yet to list Ripple’s stablecoin. Listing on these exchanges would likely accelerate adoption and drive more interest in XRP.

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If Ripple expands its exchange presence and maintains positive market sentiment, XRP could test the $3 mark. Optimism surrounding the incoming U.S. administration might also contribute to this potential milestone.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.