- WhaleWire revealed that XRP was able to surpass BTC in terms of trading volume after its SEC win.
- The price of XRP increased by more than 6% over the past 24 hours of trading.
- From a technical perspective, long-term momentum indicators on XRP’s daily chart were aligned bullishly.
The crypto market insights platform, WhaleWire, shared on Twitter yesterday that Ripple (XRP) was able to surpass Bitcoin (BTC) in terms of trading volume. After its remarkable SEC win, the remittance token accounted for about 21% of the total crypto trading volume.
WhaleWire also revealed that XRP’s trading volume hit $25 billion in just 4 days. This ended up being the largest recorded volume for XRP over the past year and a half. This news has certainly captured the attention of investors as XRP’s price rose by more than 6% over the past 24 hours alone, according to CoinMarketCap.
This also earned the cryptocurrency the number 2 spot on the market tracking website’s trending list. At press time, XRP was worth $0.7991, which meant that it was trading just above its daily low of $0.7366.
Furthermore, XRP’s 24-hour trading volume was able to climb by more than 37% throughout the past day, which left it standing at $3,336,247,107. In addition to its 24-hour success, the remittance token’s weekly performance was also up by 68.48%.
The cryptocurrency’s monthly performance was also turning heads as it was still in the green by above 62%. Meanwhile, XRP’s market cap of $41,942,005,275 meant that it was ranked as the 4th largest cryptocurrency.
From a technical point of view, momentum indicators on XRP’s daily chart were aligned bullishly. At press time, the 9-day EMA line was positioned above the 20-day EMA line, and both indicators were positioned above the 50-day EMA line. This suggested that the remittance token was in a medium to long-term bullish trend.
Should this positive trend continue, XRP’s price may overcome the next major resistance level at $0.8282 and flip the price point into support as well. In this scenario, the altcoin will have a clear path to rise to $1.00 in the coming couple of weeks.
On the other hand, if XRP’s price pulls back in the next 48 hours, it could look to retest the crucial support level at $0.6860. However, it may not break below this mark given its high amount of trading volume and the positive sentiment surrounding the cryptocurrency.
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