$XRP Trading Volume Soars Amidst Key Resistance at $2.30
Surge in Trading Activity
$XRP , the fourth-largest cryptocurrency by market capitalisation, has experienced a remarkable 124.3% surge in trading volume, reaching $5.92 billion. This spike has ignited fresh hopes for a price breakout, though the digital asset faced stiff resistance at the $2.30 level, briefly dipping to $2.2962 before settling at $2.24—a 4.46% gain in the past 24 hours.
Volume Dip and Whale Activity
Despite the heightened volume, a slight decline to $5.86 billion has raised questions about sustained momentum. Notably, XRP whales have moved over 650 million tokens in April, suggesting large-scale accumulation that may support future price growth.
Regulatory Optimism
Investor sentiment is buoyed by the appointment of Paul Atkins as the new SEC Chair. There is growing speculation that this leadership change could lead to a favorable outcome in the ongoing Ripple case—potentially lifting XRP further.
Potential Breakout Levels
Analysts believe that a successful breach of the $2.70 resistance could propel XRP toward $3.00 and even $3.60. A recent price movement saw XRP touch $2.3007 before consolidating at $2.2187, following a prior 6.08% rally.
Retail Interest and ETF Buzz
Retail interest is on the rise, with active XRP addresses jumping 67.5% ahead of the Coinbase XRP futures launch. This development may pave the way for a spot ETF, enhancing institutional involvement.
Teucrium’s CEO highlighted XRP’s utility and the recent debut of a 2X XRP ETF, which aims to double its daily price performance. This has spurred speculation of a forthcoming non-leveraged spot ETF.
Looking Ahead
Key drivers for XRP’s price include potential settlement in the Ripple case, broader macroeconomic trends, and ETF developments. While downside risks hover near $1.70, bullish projections aim for the $3.00 mark and beyond.
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