XRP Surges Past $3 Amid Institutional Activity, Faces Profit-Taking and Key Support Tests
Main Idea
XRP surged past $3 for the first time since 2018 due to institutional buying and altcoin interest, but retraced as investors took profits, highlighting its volatility and institutional influence.
Key Points
1. XRP surged past $3, marking its highest price since 2018, driven by institutional inflows and altcoin demand.
2. Trading volume more than doubled during the surge, indicating heightened market activity.
3. The price retraced to around $2.75 as institutional investors engaged in heavy profit-taking.
4. On-chain data showed peak sell pressure during the retracement, reflecting institutional profit-taking behavior.
5. The ongoing SEC v. Ripple lawsuit remains a critical factor influencing XRP's market performance.
Description
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