Over the last 24 hours, XRP's trading volume doubled as the broader crypto market saw a significant recovery in the early Thursday trading session. The price of XRP responded accordingly, pushing higher in tandem with the volume spike.
On Wednesday, the U.S. Federal Reserve maintained its benchmark interest rate at 4.25%-4.5%, where it has been since December. Crypto markets fell on the news but then rebounded as the dips were bought.
Most major tokens, including XRP, climbed higher during the recent market rebound, with Bitcoin approaching $100,000 for the first time since February. XRP surged up to 6%, from a low of $2.117 to $2.219, with a large green daily candlestick.
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At press time, XRP was up 3.33% in the last 24 hours to $2.2 but was still down 1.13% for the week.
According to CoinMarketCap data, 2.17 billion XRP have been recorded in trading volume in the last 24 hours, or $4.8 billion, representing a 120% increase.
XRP price action
After a sustained slide from highs of $2.36 on April 28, XRP went below the daily moving average of 50 on May 4. However, bears were unable to bring the price down to the $2 support level.
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The XRP price touched a low of $2.07 on May 6, after which it rebounded; however, bulls' attempts to reclaim the daily SMA 50 at $2.172 hit a brick wall in the following sessions.
Thanks to a significant price jump in the early Thursday session, XRP has risen above the daily SMA 50 once again, suggesting that buyers might be regaining control and that confidence in XRP’s short-term outlook may be strengthening.
If XRP continues to rise, a break and close above $2.60 might signal a potential trend change. It might then rally to $3. A break and close below $2, on the other hand, would pave the way for a drop to the $1.72 to $1.61 support zone.
However, the flat moving averages and an RSI slightly above the midpoint indicate that XRP may remain stuck between $2.60 and the $2 support for some time before the next major move.
