XRP Trading Volume Surges Following Crypto Reserve Rumors
Ripple’s XRP surged to a new all-time high yesterday following reports that President-elect Donald Trump is willing to establish an “America First” strategic reserve of the cryptocurrency. According to reports, the proposed reserve will include assets such as XRP.
This speculation has fueled a surge in XRP market activity, with its spot trading volume surging to over $20 billion in the past 24 hours. As demand for the altcoin continues to grow, its price may rise to new highs in the short term.
Ripple trading volume increases thanks to Donald Trump
According to reports on January 16 Report from new york postTrump is “receptive” to the idea of establishing an “America-first strategic cryptocurrency reserve.” The proposed reserve will include assets such as XRP, Solana (Sol), and Circle’s USDC Stablecoin.
Regarding this news, XRP price climbs to new all-time high It was $3.40 during Thursday’s trading session. Trading volume totaled $24 billion in the past 24 hours, the highest level since April 2021, as heavy trading activity remains ongoing.
Ripple currently Traded at $3.33noted a 7% rise in the past 24 hours. When asset prices and trading volumes surge, it signals increased market activity driven by increased demand. This combination shows strong interest in XRP and hints at continued price growth.
In addition to the bullish momentum, XRP’s open interest also rose to a new all-time high. That signals confidence among its derivatives traders, who are betting on further gains. As of this writing, that number stands at $3.4 billion.
Open Interest measures the total number of open interest (futures or options) have not been resolved or closed. When it spikes during a rally, it indicates that new positions are being opened, indicating that traders have strong conviction. That suggests the rally could continue as more market participants bet on further price swings.
XRP Price Prediction: Altcoins May Soon Reach New Heights
Looking at the daily chart, XRP’s Aron indicator confirms that its current uptrend is strong. At press time, its bullish line stood at 92.86%, indicating a strong bullish bias towards the altcoin.
The Aron indicator measures the strength of a trend. When its rising line is close to 100%, it indicates that the uptrend is strong and the price has recently reached a significant high. If this trend continues, The price of XRP will increase Will reach new heights soon.
However, if profit-taking activity begins, this could cause the price of XRP to drop below $3 to $2.69.
Disclaimer
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