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HomeNewsRipple's XRP Trading Surges 75% During Bitcoin Halving - $1 Price Prediction...

Ripple’s XRP Trading Surges 75% During Bitcoin Halving – $1 Price Prediction for Q2

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  • CoinShares reports a surge in digital asset investments, with XRP and Litecoin receiving notable inflows last week.
  • XRP faces key resistance levels; maintaining above $0.60 support could lead to testing higher resistances in upcoming weeks.

The trading volume of XRP has experienced a 75% increase, reflecting a notable uptick in market activity. This growth is part of a wider resurgence in positive sentiment across the cryptocurrency market, leading to renewed investor interest.

XRP_1D_graph_coinmarketcap
Source → Coinmarketcap

According to data from CoinMarketCap, XRP, ranked as the sixth-largest digital asset, has seen its 24-hour trading volume rise by 87.90% to $1.56 billion.

This surge in trading activity occurs as the broader cryptocurrency market gains momentum, with major cryptocurrencies like Bitcoin reaching new price levels. Bitcoin, for instance, achieved an intraday high of $72,624, its highest since April 1.

Since April 5, when XRP’s price was at $0.569, the cryptocurrency has been on an upward trend for three days. Currently, the price of XRP is $0.617, after achieving intraday highs of $0.611.

xrp-chart
Courtesy: TradingView

Market analysts are watching for a potential move above the daily MA 50 at $0.609, which could signal the beginning of a new rally, targeting prices of $0.645 and $0.662.

Related: Big announcement: Ripple CEO expects cryptocurrency market to double to $5 trillion and XRP price to triple

Investment products related to digital assets have also witnessed a surge in bullish sentiment, as reported by CoinShares. Last week, inflows amounted to $646 million, with year-to-date inflows reaching a record $13.8 billion, surpassing the $10.6 billion recorded in 2021. 

Bitcoin saw the most big inflows, with XRP and Litecoin also receiving investments. However, there has been a noted decrease in ETF investor appetite compared to early March, with last week’s trading volumes decreasing to $17.4 billion from $43 billion in the first week of March.

More about: XRP’s Ripple Effect: Breaking Through Consolidation After Bitcoin Halving

Regarding XRP’s future price movements, recently showed a neutral trend with a 2% increase over the past 24 hours, despite a year-to-date performance of -1.96%. Following a period of neutrality, XRP experienced a 20.44% price increase within hours but faced resistance at $0.7310, leading to a correction and a test of lower support levels.

XRP-Chart
Source → Tradingview

If XRP’s market price remains above the $0.60 support level, it may test the $0.63 resistance level this week. Successfully maintaining this level could lead to attempts to reach higher resistance levels in the upcoming weeks.

 

Conversely, a reversal in trend could see XRP testing the $0.60 support level, potentially dropping to $0.58 if bearish trends prevail.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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