XRP recently climbed back above $2 after a few days below that mark, jumping almost 14% in a matter of hours. This surge is partly due to a general crypto market upswing and strong activity in XRP’s network and derivatives market.
Futures Trading Volume Soars
While XRP’s price is still a bit wobbly, other parts of its market are booming. This positive activity could signal a bigger price rebound soon.
Analyst Ali Martinez points to a massive increase in XRP futures trading volume – a new monthly high of about $21.62 billion across exchanges. This shows strong investor confidence and excitement around XRP, often a precursor to price increases.
Network Activity Also on the Rise
This surge in futures trading matches a rise in XRP network activity. Martinez also noted a significant increase in the number of wallets holding at least one XRP, hitting a new all-time high of 6.26 million addresses. This growth in smaller investors suggests increasing adoption and retail interest, even with recent price dips. This could be a very positive sign for XRP’s long-term health.
Key Price Levels to Watch
While XRP’s recent price jump is good news, there are some hurdles. Martinez identified key support levels at $1.67 and $1.39. Staying above these levels will be crucial for continued growth. Falling below them could lead to a drop towards stronger support at $0.98.
On the upside, breaking through resistance levels at $2.04 and $2.38 would be significant bullish signals. A large percentage of XRP supply is concentrated around these prices.
