2.2 Billion XRP Moves in 24 Hours: What's Going On?
2024-10-08

Over the last 24 hours, XRP, the seventh-largest cryptocurrency by market capitalization, has seen an increase in trading volume.
In a display of activity, 2.2 billion XRP tokens changed hands in just 24 hours, coinciding with a sell-off on the cryptocurrency market, which saw over $229 million in positions being liquidated.
This apparently triggered a flurry of trading as investors reacted to recent market fluctuations. Amid this, XRP has managed to attract considerable attention, with its trading volume surging by 46%, amounting to 2.2 billion XRP, or $1.1 billion.
At the time of writing, XRP was down 0.71% in the last 24 hours to $0.531. The token is down 15.84% in the past week, weighed down by the SEC's recent appeal move.
In the past week, the Securities and Exchange Commission (SEC) filed to appeal a 2023 court ruling that determined XRP is not considered a security when sold to retail investors on exchanges.
Last summer, Judge Analisa Torres handed down a decision in the Ripple lawsuit hailed as a landmark win for the crypto industry. The decision determined that XRP is not a security when sold to retail investors on exchanges, but certain institutional sales were found to have violated securities law.
XRP's price drop in the last 24 hours coincides with a broader market sell-off, with BTC falling below $62,000 late Monday after briefly nearing $64,000, wiping away nearly all of its gains over the previous seven days. Major cryptocurrencies Solana SOLUSD, Ethereum ETHUSD and BNB all fell up to 4%, retracing Monday's gains.
What's next for XRP price?
On the upside, XRP must firmly surpass the $0.546 level at the daily MA 200 to advance to the daily MA 50 at $0.5344, ahead of the Sept. 29 $0.66 high.XRPUSD Daily Chart, Courtesy: TradingView
To initiate a fresh rally, XRP would need to flip $0.66 into support, which would test its overhead resistance at $0.75. This level has been tested three times in the past two years, with the most recent retest in February 2024.
A major advance above $0.75 should provide a clear path to $1. There is no resistance between $0.75 and $1.00, thus, if the $0.75 resistance is converted to support, the next target might be $1.