Amid the performance of a host of assets being down across the board, Ripple (XRP) has seen its trading volume surge. Indeed, according to CoinMarketCap, the figure has increased more than 130% over the last 24 hours, amounting to more than $4 billion in that time frame.
Although the market-wide decreases have affected Ripple, they have not been as severe as some other assets. Currently, XRP is trading at $0.605, down less than 1% over the last day. Moreover, over the last month, the asset is still in the green, having increased more than 8%.
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Ripple (XRP) Trading Volume Surges as Market Falters
Since the start of the year, the digital asset market has been on an impressive run. Specifically, March brought about massive increases, led by Bitcoin and its ascension beyond the $73,000 mark for the first time in history. Yet, those gains have faced a correction today, with the market facing a notable downturn.
However, those decreases have not extended to one facet for Ripple (XRP), as its trading volume has been surging over the last day. Indeed, the figure has increased by more than 130% and has helped deviate some of the losses today.
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There are a few certified reasons why the asset’s trading volume has rallied so much today. Speculation remains that this may be a posturing play for investors expecting the price to rebound. Still, the development points to an overarching investor interest growth regarding XRP.
In recent days, XRP has formed a highly-coveted Golden Cross on its chart. The signal was the first Ripple had observed in 2024 thus far. The technical indicator denotes a 50-day moving average that crosses a 200-day moving average. Furthermore, the pattern is often perceived as a bullish indicator of an asset’s price movement.
To this point, the asset has not been able to make the most out of the Golden Cross formation. In the near term, it has dropped more than 11% over the last week and continues declining. The overall market sentiment will likely need to improve for XRP to find the green once again.