CandleFocus 2 Billion XRP in 24 Hours: What's Behind Surge?
2024-10-24
Author: Content Editor
The trading activity for XRP has increased over the past 24 hours, leading to a 22.61% increase in trading volumes. This increase in activity has caused a slight rebound in the XRP price, which had been declining for three days. Traders may be taking advantage of perceived buying opportunities, leading to the surge in trading volumes. XRP dropped below the daily SMA 200, indicating bearish control, but buyers reentered the market at a low of $0.5117. Bulls may need to push and hold the price above the 50-day SMA at $0.55 to sustain the price comeback and attempt a rally to $0.64. If the present comeback fails, XRP could fall to a strong support level of $0.50. While the XRP price remains lackluster, XRP Ledger has seen a surge in address activity and new wallet creation, reaching levels not seen in months.
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