Ripple’s XRP cryptocurrency is experiencing a resurgence in trading activity following a volatile weekend. Trading volume surged by 41% overnight, reaching $2.13 billion according to CoinMarketCap data, indicating renewed interest and participation from traders. This rebound comes as XRP’s price rose 2.01% to $2.34, marking its return to positive territory after a weekend sell-off. 📈
Analysts attribute this price recovery to increasing DeFi activity and growing institutional investment in XRP. The cryptocurrency has consolidated between the $2.65 and $2 range.
The surge in trading volume suggests that traders anticipate further price movements, as seen by recent interest in XRP. XRP’s last few days saw whipsaw price action after a sharp drop from a high of $2.48 on May 23 to $2.28 on Saturday. However, XRP managed to close the weekend on a green note.
If buying pressure continues, XRP may challenge resistance levels at $2.48 and $2.65 before potentially breaking through to $3. Support is anticipated at 50-day and 200-day moving averages of $2.22 and $2.26 respectively.
A recent announcement from RippleX confirms the XRPL’s participation in a key Dubai real estate tokenization project. The Dubai Land Department’s initiative, partnered with Ctrl Alt, marks a significant milestone for the Emirate’s property market.
In another positive development, Braza Group launched the USDB stablecoin on the XRP Ledger last week and Schuman Financial’s EURØP became the first MiCA-compliant euro stablecoin on the XRP Ledger.