XRP’s trading volume has soared, nearing the $1 billion mark. In the last 24 hours alone, the cryptocurrency has seen over $700 million in trading activity, signaling renewed interest from market participants. This follows a sharp $200 million spike, suggesting a brief surge in market activity.

Formation of Triangle Pattern Could Lead to Price Breakout

A triangle pattern on the XRP chart hints at a potential breakout in either direction, often preceding sharp price movements.

_{XRP/USDT Chart Source: TradingView}

Market watchers are eyeing the development closely, as the next move could influence XRP’s short-term trajectory. XRP’s futures market is also showing substantial activity, with Binance leading trading volumes at $301 million, followed by Bybit and other exchanges. 

Related article: XRP Consolidation Pattern Suggests 5,261% Surge is Coming

Derivatives data reveals a balanced stance among traders, with funding rates hovering around neutral, signaling no clear bias between long and short positions. Despite this neutral sentiment in the futures market, the uptick in volume suggests traders are preparing for an impending price move.

Price Levels to Watch: Resistance and Support Zones

If XRP breaks above current resistance levels, it could target $0.60 or higher. However, if it fails to hold support at $0.50, a drop toward $0.45 is possible. Traders are monitoring these levels closely as XRP attempts to stabilize within the triangle pattern.

Related article: XRP Prepares for Breakout as Elliott Wave and Stoch RSI Align

As XRP’s trading volume approaches $1 billion, it becomes evident that market interest in the asset is growing. However, this surge in volume could also point to increased selling pressure. 

Market participants remain cautious, as the asset’s next move could set the tone for its short-term outlook.