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XRP's trading volume increased by 21% in a single day. After defending the $1 mark, signs of volatility have reappeared in the previously stagnant market.
According to the cryptocurrency specialized media U.Today on July 3 (local time), XRP's 24-hour trading volume recently increased by 21%. The price remained around $1.1. With the sudden increase in trading participation, the market is focusing on signals that will determine its next direction.
The first reason is the recovery of overall investor sentiment in the cryptocurrency market. After a sharp decline in June, Bitcoin (BTC), Ethereum (ETH), and major altcoins found stability. XRP is classified as a large altcoin with high liquidity.
The second variable is the resistance zone between $1.12 and $1.21. After rebounding near $1, XRP approached a key technical zone. This zone includes the 50-day and 100-day moving averages.
The third reason is the influx of low-price buying. XRP recently underwent a significant correction from its recent high. As the price stabilized above $1, buyers looking for a bottom re-entered the market. The Relative Strength Index (RSI) also recovered from the oversold zone.
This 21% increase in trading volume is a result of improved market sentiment coinciding with resistance level testing. Low-price buying also contributed to the increased trading. However, XRP remains below the long-term resistance line. Whether it breaks through this resistance will be a key variable determining its future trend.
[Article Summary]
-XRP trading volume increased by 21% in 24 hours.
-The resistance zone between $1.12 and $1.21 overlaps with the 50-day and 100-day moving averages.
-Improved market sentiment and low-price buying led to increased trading volume, but XRP still remains below the long-term resistance line.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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