Ripple

Ripple Reports a 2x Surge in XRP Volumes! Xrp Price on a Rising Streak Despite an Ongoing Case

Written by: Haripriya Sureban

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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Jul 31, 2021

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Ripple’s XRP has been on a roll this week, despite the prolonged battle with SEC, it has managed to keep printing gains. Following the news of Ripples’ first on-demand liquidity (ODL) service implementation in Japan, XRP Price recently rose 19 percent, as the business continues to expand in the Asia Pacific (APAC) area.

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XRP Price

After falling to an intraday low of $0.71, XRP rallied to a high of $0.77. It has now retraced back and is trading at $0.74. For the day ahead, the token has to trade above $0.74 to bring $0.77 resistance into play. The next resistance will be found at $0.80 

If the price falls below the pivot at $0.7449, the first significant support level at $0.7204 will be tested.

The eight-day and 21-day exponential moving averages (EMAs) of XRP are both bullish indications, and the eight-day EMA recently crossed back above the 21-day EMA. For the time being, XRP Price has wicked and been rejected from the 200-day SMA, indicating that overall sentiment is bullish.

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A 98% Surge in ADV recorded!

According to a Ripple market report, XRP’s average daily trading volume (ADV) has doubled to $4.49 billion in the second quarter of the year, up from $2.26 billion in the first three months of 2021, with four of the greatest volume days ever recorded. This accounts for a 98% surge. 

The token’s increased ADV metric in Q2 likely reflects general market sentiment, since the entire crypto market was on a bull run during this time, led by Bitcoin, XRP hit a high of $1.96 while BTC hit $65,028 ATH in mid-April. 

This rally, however, did not continue long. Within a week, XRP had dropped by 30% from its high, and by mid-May, it had bowed to the overall crypto-market slump.

Following Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Binance USD (BUSD), XRP is presently the fifth cryptocurrency by daily trading volume.

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Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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