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XRP Plots Bullish Rebound on 2.4 Billion Traded Tokens

Wed, 5/06/2024 – 15:14

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XRP, the payment token associated with Ripple Labs Inc., is currently exhibiting a bullish rebound, with approximately 2.4 billion tokens traded within the last 24 hours. XRP’s recent movement is quite notable as it follows a decline since May 21.

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Factors fueling XRP’s surge 

According to data from CoinMarketCap, XRP increased by 0.18% to trade at $0.5265. The market cap also increased by 0.29% to $29 billion, making XRP the seventh largest cryptocurrency in the world.

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The current surge in XRP’s price can be attributed to the current rebound on the broader crypto market. Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) saw the price increase substantially in the past few days. 

Additionally, expectations for the launch of a spot XRP ETF may have also influenced positive sentiment on the market. The anticipation is based on the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). Accordingly, some analysts and crypto enthusiasts believe XRP could be the next crypto to get regulatory ETF approval. 

If this eventually happens, they claim XRP could see a supply shock that could fuel further price increases. Aligning with this view is Ripple’s CEO Brad Garlinghouse. In an earlier report from U.Today, Garlinghouse said the launch of an XRP ETF is inevitable.

XRP bridges crucial aupport level

Historically, the $0.51 mark has been a critical support level for XRP. Based on observation, XRP maintaining this price has led to price increases for the cryptocurrency in the past. On the other hand, a breach below this level resulted in price declines.

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Therefore, XRP’s price at $0.5265 means the token could be pushing for more increases soon. Traders should, however, look out for other metrics that could influence XRP’s price before investing their money in the digital asset.

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