A rapid increase in trading volume for Ripple’s XRP may have caused an unanticipated price shift.
On July 15, the trade volume of Ripple increased by more than 1,500 percent. The short-lived rise in network activity may be indicative of a forthcoming spike in price volatility.
The 15th of July saw a big increase in trade volume for XRP, which may indicate a major price shift. Friday evening, Santiment reported that demand for XRP has increased across all major cryptocurrency exchanges. On July 15 between 23:00 and 00:00 UTC, the on-chain analytics company confirmed that about 19 billion XRP coins were transacted. The unexpected increase in network activity may portend “extraordinary” price movement for this digital asset, according to the company.
After a 13.3% climb over the previous three days, XRP looks to be reaching a substantial region of resistance from a technical standpoint. At about $0.35, the 100-hour moving average and the upper border of the parallel channel established on the four-hour chart are serving as formidable obstacles. XRP must gather sufficient momentum to surpass this supply hurdle and initiate a bullish breakthrough toward the $0.45 200-hour moving average.
Notably, a rejection from the $0.35 resistance wall might render the positive prognosis incorrect. Failure to break through this price level might result in a surge of selling pressure that drives XRP below the $0.32 50-hour moving average. If XRP loses this crucial support level, a decline to $0.30 or possibly $0.25 might ensue.