XRP has hit over $3 billion in trading volume in the last 24 hours, signaling strong market activity despite recent price drops. As the broader crypto market faces volatility, investors are awaiting key economic reports to guide their next moves.
Crypto Market Faces Volatility
XRP, the fourth-largest cryptocurrency, is losing value as the broader crypto market faces a sell-off this week. The market is on edge as investors await key economic reports that could offer further insight into the U.S. economy. The Personal Consumption Expenditures Price Index for March is an important report to watch, which the Federal Reserve uses to track inflation.
Bitcoin and most other cryptocurrencies are also experiencing a decline, with the market facing numerous fluctuations. Over the past 24 hours, $328 million in liquidations have been reported, indicating the significant selling pressure in the market. This highlights the growing instability, as traders react to market changes based on data from TradingView.
XRP Trading Volume Surpasses $3 Billion
According to CoinMarketCap data, XRP has seen over $3 billion in trading volume in the past 24 hours, showing strong market activity. While XRP’s price is currently lower, this follows several attempts to break through key resistance levels, particularly the 50-day simple moving average (SMA) at $2.24. Although these attempts have not yet yielded a breakout, they could signal a healthy pause after recent rallies, allowing the market to stabilize and build momentum for future growth.
XRP Price and Market Movement
XRP’s price has risen to $2.24, surpassing the previous level of $2.19, with support now located around $2.02. If the price continues to rise, it could approach the 200-day SMA at that level. According to Glassnode, XRP’s Hot Capital increased from $0.92 billion on April 20 to $2.17 billion on April 28, marking a significant rise of 134.9%. Despite this growth, it remains approximately 72% lower than its peak of $7.66 billion in December 2024. The rise in trading volume indicates that both buyers and sellers are adjusting their positions, likely in anticipation of the next market move.
Other Market Highlights
Besides XRP’s movements, the wider cryptocurrency market is showing mixed signals. Ethereum (ETH) is also facing some downward pressure, following a similar trend as Bitcoin and XRP. Investors are waiting for new economic data that could impact their decisions. There are also ongoing talks about rules for decentralized finance (DeFi) platforms and non-fungible tokens (NFTs), which are adding more uncertainty to the market. Many experts believe there will be more ups and downs in the coming weeks as these issues develop.
Final Thoughts
Despite recent price drops, XRP’s $3 billion trading volume shows strong market activity. While the price faces fluctuations, it could build future growth momentum. As the market waits for key economic reports, XRP may see a rebound. Investors will be watching closely for any changes in sentiment or new regulations that could impact its price.