XRP’s daily trading volume has soared to a record high as digital asset tether (USDT) overtakes it and becomes the third largest cryptocurrency by market capitalization.
Data from the crypto price aggregator CoinMarketCap revealed This XRP soared to a high of $ 0.49 in 2020 on November 22, when its market cap surged to over $ 22.2 billion.
Daily trading volume hit a record high of $ 16.99 billion. By comparison, XRP’s daily trading volume was $ 9.5 billion when it hit its all-time high of $ 3.84 per coin in January 2018.
While XRP has been making waves in the past few days, not all analysts are convinced that the third largest cryptocurrency can maintain its upward momentum. Crypto strategist and trader Michaël van de Poppe believes Ripple’s native fortune likely needs to be corrected.
“We can assume that XRP will do reasonably well soon if it doesn’t break above this $ 0.50 level. So if we got such momentum and flipped there ($ 0.50) it would definitely argue that we will see a continuation. However, given the importance of the previous resistance area between $ 0.27 and $ 0.30, a correction towards this region would definitely be expected before we can see a surge. “
Ripple owns more than half of the entire XRP offering, with much of its holdings locked in escrow accounts. At the time of writing, XRP is trading at $ 0.45 and is up 68% over the past seven days.
Selected image: Shutterstock / IM_VISUALS