XRP Shows Resilience with a 2.60% Surge, Market Capitalization Exceeds $28 Billion

As of the latest update, XRP is trading at $0.517, marking a 2.60% increase from the previous day. Its market capitalization has also surged by over $540 million within the same timeframe, reaching $28.15 billion at the time of publication.

The past 24 hours have witnessed a notable uptick in XRP’s price and market capitalization. According to XRP, it has reclaimed the sixth position in terms of market value, displacing USDC to the seventh position.

The price surge aligns with positive sentiment prevailing in the cryptocurrency market, where Bitcoin and other major currencies have also experienced gains. Bitcoin, in particular, reached its highest level in four weeks near $45,000 on Thursday, propelled by optimism in the stock market.

However, XRP’s trading volume increased by only 11% over the past 24 hours, shedding light on investor caution. Despite the price surge, cryptocurrency trading volumes have decreased in February, indicating trader hesitancy.

According to sentiment analysis by Santiment, the total trading volume of digital currencies in the past seven days amounted to $288 billion, marking a 22% decrease from the previous week. Traders exhibit hesitation, and FOMO or FUD may return with the next significant market swing.

XRP is currently recovering from a previous dip that saw it drop to $0.486 on January 31. While bullish traders have initiated a rebound from these low levels, XRP remains within a range, trading below the $0.54 resistance level.

Buyers need to sustain XRP’s price above the $0.54 level to indicate a breakthrough of the range and suggest that bearish traders may lose control. Following that, XRP may attempt to rise above the 50-day and 200-day moving averages at $0.565 and $0.574, respectively – crucial levels to monitor. A breakthrough above these levels may signal the start of an upward movement towards $0.658.

READ MORE Cybersecurity Breach Leads to $112 Million XRP Theft – Investigation Reveals Disturbing Connections

If bearish traders regain control, XRP may target a drop below $0.50, indicating the beginning of the next downward trend to stable support near $0.47. This level has held firm on multiple occasions since last year, prompting bullish traders to attempt to halt the decline once again.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. Coinshiba.online disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.