$1.33 Billion in XRP in 24 Hours, Can It Trigger XRP Rally?
2024-10-11

XRP bulls have started to resist the bears with their intense moves. While the price has not jumped massively yet, the long-term prospects of the Ripple-associated coin are optimistic. Traders and investors appear to be more interested and confident in XRP as major gains are expected in the future.
XRP is witnessing an influx in investment today. The trading activity of the coin is shooting up, injecting bullish momentum into the market. The trading of XRP, according to the latest data from CoinGlass, has skyrocketed 88.13% over the last 24 hours. It is currently standing around the whopping $1.33 billion mark.
This rising volume is seen across all of the top cryptocurrency exchanges, showing the growing interest in the coin among all trading communities. Binance, the largest crypto exchange on the market, is leading with $456.44 million in volume. It is followed by Bybit at $283.19 million, Bitget at $258.13 million and OKX at $136.52 million, followed by the rest.
Supporting the rising volume is the notable surge in Open Interest (OI). The OI for XRP has surged 3.58% during the same period, as disclosed by CoinGlass. It is currently standing at the massive $710.63 million mark. This dramatic rise in OI reveals the increase in open positions for the coin as traders jump on the XRP bandwagon.
XRP price reaction
Rising trading activity and investor interest has not really impacted the price of XRP yet. It may leave a more long-term impact on the coin as price rallies depend on various other factors as well. The broader crypto market is still in the consolidation phase, and the macroeconomic situation is not really helping it.
As of writing time, XRP is trading at $0.5349. The coin has surged 1.09% in the last 24 hours, maintaining its support around the $0.53 level. The Ripple-backed coin needs to clear the next resistance level of $0.57 in order to trigger a more broader rally. If it happens, the next immediate target will be the $0.61 level.