XRP Trading Volume Triples as Price Retests $3 Resistance
Main Idea
XRP's trading volume surged significantly as its price retested the $3 resistance level, driven by institutional and retail demand, particularly from South Korea, and anticipation around the Ripple vs. SEC settlement.
Key Points
1. XRP's price jumped from $2.83 to a peak of $3.03, with trading volume surging to over 110 million XRP, more than triple the daily average.
2. Institutional and retail demand, especially from South Korea, fueled the volume surge, with Upbit alone recording over $95 million in trading volume.
3. Key resistance levels are at $3.00–$3.03, with potential breakout zones at $3.12–$3.14, while support levels are anchored around $2.97–$2.92.
4. Momentum indicators like RSI and EMAs show mixed signals of overextension and minor fatigue.
5. The Ripple vs. SEC settlement, expected by August 15, is anticipated to result in Ripple paying a $125 million fine and dropping appeals, which has fueled bullish sentiment.
Description
XRP’s Trading Volume Skyrocets XRP has been on a rollercoaster ride after jumping from $2.83 to a peak of $3.03. The retest of the $3 resistance triggered a volume surge of more than 110 million XRP traded, which is more than triple the daily average. What Fueled the Volume Surge? Institutional and retail demand, especially from South Korea, where trading volumes on Upbit alone soared past $95 million, made XRP the most traded asset. XRP cleared several intraday resistance bands at $2.87, $2.92,...
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