XRP (XRP) Makes Waves in the Cryptocurrency Market, Experiencing a Dramatic $13 Billion Inflow in Just 24 Hours

XRP price experienced a strong rally on January 2, surging as high as $2.44 during Thursday’s trading session, and continuing to trade in the green. The token price rose by over 11% on the day, moving from $2.16 to $2.41.

As the dust settles on another round of impressive gains by XRP, key levels of support and resistance are emerging in the market. The digital asset is trading above its 200-day simple moving average, a bullish indicator of long-term momentum.

Moreover, XRP is facing support at $2.20 and resistance at $2.57—a pivotal level that could influence the next major price movement.

After hitting lows of $2.01 on December 31, XRP experienced a strong recovery, potentially setting the stage for further bullish momentum. If the cryptocurrency closes today in positive territory, it will mark the third consecutive day of gains.

Meanwhile, the 24-hour trading volume for XRP also saw explosive growth, surging by a staggering 147.36% to reach $10.78 billion. Notably, a large portion of this activity, amounting to $1.3 billion, was generated by trades on the Upbit exchange, particularly the XRP/KRW trading pair.

In other news, XRP is also faring well in the broader market trends, with a yearly inflation rate of 5.78%. This factor, although modest, adds another layer of complexity to the cryptocurrency’s valuation dynamics.

As XRP continues to rally, the market is also paying close attention to the cryptocurrency’s price action in relation to its 200-day moving average and the pivotal resistance level.

Several traders are sharing their thoughts on XRP’s price movements, with one crypto trading analyst commenting on the token "holding mid range."

$XRP holding mid range right now as support

I would expect a move to the top of the range soon, from there we will see what is next in the short term

There is a chance we see something like this to flush out liquidity of those shorting and late longs;However, we may also… pic.twitter.com/kYtklQ28sC

According to the analyst, XRP is likely to attempt a move to the top of the range, after which the next major price movement will become more evident.

The cryptocurrency is also rallying from above its 200-day moving average, which could indicate bullish momentum in the longer term. However, the proximity to resistance may prompt traders to proceed with caution.