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.
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.
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.