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XRP Trading Volume Soars by 240% in a Day as Key Support Levels Loom

Published 05/07/2024, 03:57 PM
Updated 05/07/2024, 04:15 PM
© Reuters. XRP Trading Volume Soars by 240% in a Day as Key Support Levels Loom
XRP/USD
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  • XRP trading volume surges 240.21%, signaling heightened market volatility.

  • Legal developments with SEC add uncertainty as XRP approaches resistance.

  • Technical indicators hint at a bearish trend as XRP price targets key support levels.

In a remarkable 24-hour stretch, XRP’s trading volume soared by an astonishing 240.21%, ascending to $1.84 billion. This intense trading activity unfolded within an environment of heightened market volatility that saw XRP’s price oscillate modestly upward, gaining 0.87% during the same interval.

XRP/USD 24-Hour Chart (Source: CoinStats)

The turbulence is closely tied to the legal saga involving Ripple, the entity behind XRP, and the U.S. Securities and Exchange Commission (SEC). Today marks a critical deadline for the SEC to respond to Ripple’s proposed solutions concerning remedies in their ongoing legal dispute.

While the market digests these developments, the price per XRP token hovers at $0.5383 as of this report. Despite the price fluctuations, XRP’s market capitalization remains firm, rising 0.78% intraday to settle at $29.7 billion.

This yields a trading volume-to-market capitalization ratio of 6.19%, indi…

The post XRP Trading Volume Soars by 240% in a Day as Key Support Levels Loom appeared first on Coin Edition.

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