XRP Price Jumps 9% as Trading Volume Skyrockets, Signaling Potential Rally

The third-largest cryptocurrency by market capitalization, XRP, has seen a substantial surge in both price and trading volume over the last 24 hours. According to data from CoinMarketCap, XRP’s trading volume has experienced a massive increase of over 80%, reaching $8.99 billion, largely driven by activity on the Korea-focused exchange Upbit, which recorded trade volumes exceeding $1 billion.

This surge in trading volume has coincided with a 9% spike in XRP's price, which peaked at $2.60 during Saturday's session before making a slight retraction. XRP had begun the weekend with a low of $2.24 on Friday and quickly rose to $2.60 by Saturday. At the time of writing, XRP had pared back some of its intraday gains but remained up 4% in the last 24 hours, trading at $2.50.

The price movement has seen XRP rank among the top gainers in the cryptocurrency market, with only Cardano (ADA) posting a larger gain of 5.64% over the same period. XRP's 7% rise over the past seven days further highlights its growing momentum in the market, as Bitcoin (BTC) and Ethereum (ETH) have seen more muted movements, trading slightly down in the last 24 hours.

The sharp increase in XRP's trading volume indicates a growing interest in the cryptocurrency, as more capital is flowing into the asset. This surge suggests the potential for a larger rally, and technical analysts are keeping a close watch on key price levels for signs of continued bullish momentum.

Veteran trader Peter Brandt recently shared a chart indicating that XRP has broken out of a bullish pennant pattern, which could lead to further gains if the breakout holds. If XRP manages to break decisively above the $2.60 mark, it could pave the way for a potential rally, with critical resistance levels at $2.72 and $2.90 potentially determining the future direction of the asset.

Should XRP successfully break through these key resistance levels, it may signal the start of a larger uptrend, pushing the cryptocurrency toward new highs. However, if the momentum falters, XRP could face consolidation or a pullback as traders look to take profits. In this case, the daily Simple Moving Average (SMA) of 50, which sits at around $2.24, will be an important level to watch for immediate support.

As XRP continues to gain attention and price momentum, the coming days will be crucial in determining whether the cryptocurrency can sustain its current gains or enter a new phase of growth. With substantial interest building in the market, XRP's next move will likely set the tone for its performance in the coming weeks.