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The crypto market insights platform, WhaleWire, shared on Twitter yesterday that Ripple ($XRP) was able to surpass Bitcoin (BTC) in terms of trading volume. After its remarkable SEC win, the remittance token accounted for about 21% of the total crypto trading volume.
JUST IN: $XRP has surpassed Bitcoin, accounting for 21% of total crypto trading volume after win against SEC.
— WhaleWire (@WhaleWire) July 18, 2023
Trading volume hit nearly $25 billion in four days, and recorded its largest volume in the past one and a half years. pic.twitter.com/HXJEDkyrtf
WhaleWire also revealed that $XRP’s trading volume hit $25 billion in just 4 days. This ended up being the largest recorded volume for $XRP over the past year and a half. This news has certainly captured the attention of investors as $XRP’s price rose by more than 6% over the past 24 hours alone, according to CoinMarketCap.
This also earned the cryptocurrency the number 2 spot on the market tracking website’s trending list. At press time, $XRP was worth $0.7991, which meant that it was trading just above its daily low of $0.7366.
Furthermore, $XRP’s 24-hour trading volume was able to climb by more than 37% throughout the past day, which left it standing at $3,336,247,107. In addition to its 24-hour success, the remittance token’s weekly performance was also up by 68.48%.
The cryptocurrency’s monthly performance was also turning heads as it was still in the green by above 62%. Meanwhile, $XRP’s market cap of $41,942,005,275 meant that it was ranked as the 4th largest cryptocurrency.
From a technical point of view, momentum indicators on $XRP’s daily chart were aligned bullishly. At press time, the 9-day EMA line was positioned above the 20-day EMA line, and both indicators were positioned above the 50-day EMA line. This suggested that the remittance token was in a medium to long-term bullish trend.
Should this positive trend continue, $XRP’s price may overcome the next major resistance level at $0.8282 and flip the price point into support as well. In this scenario, the altcoin will have a clear path to rise to $1.00 in the coming couple of weeks.
On the other hand, if $XRP’s price pulls back in the next 48 hours, it could look to retest the crucial support level at $0.6860. However, it may not break below this mark given its high amount of trading volume and the positive sentiment surrounding the cryptocurrency.
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