While the price has not jumped massively yet, the long-term prospects of the Ripple-associated coin are optimistic.
XRP bulls have shown their strength with a massive surge in trading activity. According to the latest data from CoinGlass, XRP trading volume has skyrocketed by an impressive 88.13% over the last 24 hours, reaching the staggering mark of $1.33 billion.
This surging volume is evident across the top cryptocurrency exchanges, indicating a widespread interest in XRP among the trading community. Among the exchanges, Binance takes the lead with a trading volume of $456.44 million. Other exchanges follow suit, with Bybit at $283.19 million, Bitget at $258.13 million and OKX at $136.52 million.
Complementing the rising volume is a notable surge in Open Interest (OI). CoinGlass reveals a 3.58% increase in XRP's OI over the same period. It currently stands at a massive $710.63 million. This striking rise in OI signifies an increase in open positions for the coin as traders join the XRP bandwagon.
However, despite the surging volume and investor interest, XRP's price has not seen a significant impact yet. This may have a more long-term effect on the coin, as price rallies are influenced by a multitude of factors. The broader crypto market is still in a period of consolidation, and the macroeconomic climate is playing a role as well.
At the time of writing, XRP is trading at $0.5349. The coin has seen a slight gain of 1.09% in the last 24 hours, maintaining support around the $0.53 level. For a broader rally to begin, XRP needs to clear the next resistance level at $0.57. If this occurs, the next immediate target would be the $0.61 level.
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