XRP Soars 130% in Volume as Price Hits $1.94: Details

On November 30, 2024By Littum

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XRP, the fifth largest cryptocurrency by market capitalization, has seen an increase in trading activity in the past 24 hours. XRP trading volume is up 130% with its price hitting highs of $1,949 in the early Saturday trading session.

XRP’s meteoric rise pushed it closer to breaking the $2 threshold, a level not seen since its bull run in 2018. The token’s trading volumes increased across major exchanges, with traders capitalizing on the bullish momentum.

*XRP/USD daily chart, courtesy: TradingView*

According to CoinMarketCapXRP’s trading volume came in at $18.55 billion or 9.77 billion XRP, representing a 130% increase.

43 million XRP in 24 hours: Here's what happened

At the time of writing, XRP was up 17.46% in the last 24 hours to $1.90, extending its gains to the fourth straight day since November 27. The sharp rise marks one of the most significant moves for XRP in recent months, rekindling interest. on the market.

XRP approaches $2

XRP began rising from a low of $0.50 on November 4, boosted by favorable regulatory developments and broader market sentiment.

The broader cryptocurrency market has seen a bullish trend, with major cryptocurrencies such as Bitcoin and Ethereum also seeing significant gains. This general bullish market sentiment has certainly contributed to the increasing interest in XRP.

XRP at $2: This crucial level needs to be cleared first

Positive news about the impending Ripple stablecoin launch may have also contributed to the recent XRP surge.

The New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ RLUSD stablecoin in the coming days, according to Fox Business sources.

According to a November 29 Fox Business article, approval of the dollar-pegged stablecoin by New York’s banking regulator could see the product launch as early as December 4.

As XRP nears the $2 mark, the market is closely watching XRP’s performance, with many speculating that this rise could be the beginning of a longer-term uptrend.