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$XRP, the native token associated with Ripple Labs, has recorded significant activities in the last 24 hours. $XRP, worth $4.84 billion, has hit different cryptocurrency exchanges within this time frame. This amounts to a total of 1,841,500,765 $XRP as activities recorded a surge amid a price drawdown
$XRP historical trends suggest breakout
$XRP witnessed increased activities as market participants chose to reboot their interest in the asset. This led to a 13% leap in the trading volume to $4.84 billion.
Despite this upsurge in trading volume, $XRP’s price has not significantly climbed within the same time frame. As of this writing, $XRP is changing hands at $2.60, down by 3.05% in the last 24 hours.
$XRP was trading at a high of $2.73 but gradually slipped to $2.55. The coin saw a price reversal from that low following increased market activity.
This reversal has fueled investors' hopes that $XRP could continue its 90-day surge of 130%.
Prominent on-chain analyst Ali Martinez has identified an interesting price pattern with $XRP. According to Martinez, $XRP forms a "cup and handle" pattern that could support a bullish climb for $XRP.
The analysts predicted that the $XRP price could soar as high as $3.35 if the technical indicator triggers a similar historical trend. $XRP investors are keen to see if the current upsurge in trading volume could catalyze that price prediction.
$XRP ETF catalyst
Meanwhile, as market participants await a bullish recovery, the $XRP ecosystem received "bullish news" from the U.S. Securities and Exchange Commission (SEC). On Feb. 14, the regulatory authority officially acknowledged the exchange-traded fund (ETF) filing of 21Shares.
Besides 21Shares, other asset managers that have filed to launch spot $XRP ETFs include Grayscale, WisdomTree and Bitwise.
The latest acknowledgment from the SEC in a series of $XRP ETF filings marks an enormous message, according to Nate Geraci, ETF analyst. Should the ETF be approved, it would usher in institutional money, helping to fuel a long-term $XRP price rally.