The post Ripple News : Why XRP Price Is Surging Today? Here’s What Traders Can Expect Next appeared first on Coinpedia Fintech News
XRP experienced a surge of 6.9% in its solo rally over the past 24 hours, showing signs of breaking out of the recent consolidation phase due to growing interest.
After a period of consolidation, XRP has once again entered a rally, with a 6.9% surge in the past day, driven by increasing interest and demand. XRP aims to capitalize on this upward movement to establish a position above the $0.80 price level.
Following a notable intraday gain of 73.10% on July 13, triggered by Judge Torres‘ ruling, XRP faced significant resistance from bears in its attempt to reclaim the $1 mark. This led to an 11.95% loss on July 14, offsetting some of the gains achieved the previous day.
At press time, XRP had surged by 65.8% in the last seven days, according to CoinMarketCap data.
Also Read: Ripple Vs SEC News: John Deaton Discusses the Significance of the Torres Doctrine
XRP is hovering around the $0.70 range
Subsequently, XRP remained in consolidation near the lower end of the $0.70 range for three days before gaining momentum. On July 18, the cryptocurrency closed with a 5.49% increase, surpassing $0.77. Building on this momentum, XRP briefly reclaimed $0.80, reaching $0.81 before encountering bearish pressure. As of now, XRP remains up by 7.52%, trading at $0.7954.
Increased demand for XRP is considered a significant contributing factor to its recent surge. On-chain data indicates sustained interest and demand, despite the temporary slowdown.
According to data from Fiatleak, which provides visual data on trading activities, XRP recently witnessed up to 2 million trades per minute worldwide.
On-chain data further supports the notion of increased volume for XRP across major exchanges. The 24-hour volume for XRP stands at $3.3 billion, representing a 39.53% rise compared to the previous day.
With a spot volume of $584 million on Binance, XRP holds the second-highest trading volume on the exchange, trailing only Bitcoin (BTC). In terms of trade volume, XRP surpasses Ethereum (ETH) and BNB.
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