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XRP looks likely to record a big price breakout as ecosystem developments hint at bullish trends. In the last 24 hours, the volume of XRP has spiked by over 90% as market participants actively transact the asset in anticipation of price movements.
XRP volume surge sparks investor speculation
According to CoinMarketCap data, XRP’s trading volume as of press time has climbed by 90.87% to $2.83 billion. The price of XRP, which was on a steady decline, also rebounded from a low of $2.21. The asset is exchanging hands at $2.26, representing a 2.24% increase in the last 24 hours.
XRP has shown resilience despite experiencing challenging times in the crypto space. The boost in investor confidence driven by its cross-border payment utility has helped stabilize the asset.
The XRP community is also optimistic about the asset's bright future as regulatory clarity continues to grow. The ecosystem remains confident that the U.S. Securities and Exchange Commission will grant approval for the XRP spot exchange-traded fund (ETF) this year.
The current spike in volume could have been triggered by the XRPL Apex Developer Summit, which will take place between June 10 and 12. Some market participants are speculating that Ripple might make significant updates to XRPL.
Some believe the announcements might positively impact XRP’s price, hence, accumulating it at the current price could result in future gains.
XRP traders bullish on 2017 historic pattern repeat
Despite the current upsurge in trading volume, a bearish scenario is likely to unfold in the XRP space. Notably, another technical indicator signals that a death cross could be a trap for XRP bulls.
XRP’s 23-day moving average has crossed below the 50-day moving average, suggesting a weak uptrend for the asset. This might spark fears and trigger caution among investors who trade with caution.
However, veteran traders remain confident that the current market cycle mirrors 2017 and XRP will likely witness explosive growth anytime it exits the danger zone.