Massive $4.3 Billion XRP Over 24 Hours: Can XRP Spark Rally?

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XRP, the eighth-largest cryptocurrency by market capitalization, has seen a surge in trading volumes over the past 24 hours. According to CoinMarketCap data, XRP trading volume is up 103.21%, with 7.45 billion XRP traded in the last 24 hours amounting to $4.37 billion.

This rise in activity coincides with a broader market boom that saw Bitcoin reach $82,000 for the first time in its existence. Bitcoin reached a new all-time high of $82,444 on Monday, driving demand for other altcoins, which have also broken through their respective resistance levels.

XRP has risen since Nov. 4, fueled by bullish market sentiment, periodically experiencing sharp spurts amid the price rally.

In Sunday's trading session, XRP witnessed a sharp price increase rising from lows of $0.55 to highs of $0.613, forming a massive green candlestick.

XRP/USD Daily Chart, Courtesy: TradingView

Currently, XRP has given up the majority of its daily gains as bulls hit resistance at $0.613. At the time of writing, XRP was just up 0.29% in the last 24 hours to $0.586 and up 15% weekly.

XRP is showing worse performance among the top 10 cryptocurrencies both on the daily and weekly time frames, raising the question of whether bulls are preparing to spring surprises, as traders might be poised to take profits off the market in the aftermath of the current rally.

Noteworthy, the XRP price has formed a golden cross on its four-hour charts, hinting at the possibility of price gains in the very short term if this signal is validated. The moving average-based indicator is, however, often criticized for being a lagging signal that might trap traders on the wrong side of the market.

What's next for XRP price?

The current XRP rally has brought it above the daily moving averages of 50 and 200 at $0.545 and $0.537, respectively.

XRP rose to highs of $0.618, but bulls were unable to continue the move, and the price fell to lows of $0.57 in today's trading session. 

A further price decrease may find support near the daily SMA 50. If bears do so, the XRP price may fall to $0.53, which is expected to attract buyers. If the XRP price recovers from this critical level with power, bulls might make another attempt to take XRP to $0.64.

On the other hand, if XRP exceeds $0.618, the price may aim for $0.664, followed by $0.74.