XRP has recently experienced a significant surge in trading activity, highlighted by a dramatic 203% increase in hourly volume on the prominent cryptocurrency exchange Kraken. This influx of trading comes as investors capitalize on recent market volatility, demonstrating a renewed interest in the asset. Currently ranked as the third-largest cryptocurrency by market capitalization, XRP’s trading landscape is being influenced by rising optimism regarding exchange-traded funds (ETFs).
The REX-Osprey ETFs, including an XRP-focused product, have successfully navigated the SEC’s required 75-day review period and are anticipated to launch imminently. This development has contributed to the heightened interest among U.S. spot traders, who have significantly ramped up their trading activity. Over the past 24 hours alone, XRP has generated an impressive $73,588,344 in trading volume on Kraken, positioning it among the most actively traded assets on the platform.
Broader market trends indicate a positive shift in the cryptocurrency space, with many digital assets, including XRP, registering notable gains. According to CoinMarketCap, XRP has seen $6.67 billion in trading volume over the last day, representing a 31% increase.
In early trading on Saturday, XRP continued its upward momentum, climbing 3% to reach a price of $3.14. This marks the cryptocurrency’s fourth consecutive day of gains since a low of $2.69 recorded on September 1. The recent surge in price has successfully moved beyond the daily simple moving average (SMA) of $3.01, a level that has limited XRP’s growth since mid-August. With a peak of $3.18 achieved on Saturday, the asset now faces key resistance levels at $3.38 and $3.66. Analysts suggest that if XRP can decisively surpass these thresholds, it may set its sights on reaching $4.
Moreover, XRP’s performance thus far in September stands out, showing a 15% increase during a period typically characterized as bearish for cryptocurrencies. Should market conditions shift negatively, XRP aims to establish the daily SMA of $3 as a supportive level to maintain its current bullish trajectory.
