In the past 24 hours, XRP, the seventh-largest cryptocurrency by market capitalization, experienced a significant boost in trading volume. During this period, traders exchanged a massive 2.2 billion XRP tokens, coinciding with a broader cryptocurrency market sell-off. Investors liquidated over $229 million in positions, fueling heightened activity as they reacted to the recent market turbulence.
XRP saw its trading volume surge by 46%, with a total of 2.2 billion XRP, valued at $1.1 billion, changing hands. This increased activity reflects the token’s rising prominence amid market instability.
XRP Price Drop and SEC Appeal Impact
As of the latest data, XRP’s price dropped by 0.71% over the last 24 hours, currently valued at $0.531. Over the past week, the token has seen a more substantial decline, falling by 15.84%. Much of this downward pressure stems from the SEC’s recent decision to appeal a 2023 court ruling involving XRP.
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The court ruling, delivered by Judge Analisa Torres, concluded that XRP is not considered a security when sold to retail investors on exchanges. However, the court found that some institutional sales had violated securities laws. This landmark ruling had initially provided a boost to the crypto market, but the SEC’s appeal has introduced uncertainty, leading to the recent price drop.
Broader Market Sell-Off Weighs on XRP and Other Cryptos
XRP’s price drop aligns with a broader market decline. Bitcoin (BTC) slipped below $62,000 after approaching $64,000, erasing its gains from the previous week. Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) also fell by up to 4%, wiping out their Monday gains.
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For XRP to initiate a recovery, it needs to surpass the $0.546 level, corresponding to the daily moving average (MA) 200. Breaking through this resistance would push XRP toward the daily MA 50 at $0.5344.
XRP/USD Chart, Source: TradingView
Additionally, reclaiming the September 29 high of $0.66 could spark a fresh rally. If XRP successfully flips the $0.66 resistance into support, it may test overhead resistance at $0.75, a level that has been challenged multiple times over the past two years.
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Breaking through this barrier would likely set XRP on a path toward $1, as there is minimal resistance between $0.75 and $1.
