XRP Trading Volume Spikes By 255%: $1 Incoming?

XRP is one of the top performers, judging by its performance on the daily chart. Even though the uptrend has been slow and the coin is underperforming relative to other assets, the surge on March 11 may likely shape price action in the short to medium term.

When writing, XRP is up 14% on the last day and changing hands at $0.69, above the previous resistance, now support at $0.66. At the same time, the coin is up 7% in the last week, pushing the market cap to over $37 billion. Notably, the XRP’s market cap is up 10% while trading volume is up 255%, signaling interest from the market.

The coin’s sharp price action was influenced by multiple factors, including:

• Impact of whales: Before the spike that temporarily took XRP to as high as $0.74; trackers noted a bulk transfer from Binance. The whale, on-chain footprints reveal, moved 300 million XRP worth $187 million to an unknown wallet. A transfer from a centralized exchange is often interpreted as bullish.
• The CEO of Ripple, Brad Garlinghouse, also revealed that they have been working with regulators and regulated financial institutions. Amid this, he adds, people have noted XRP and its value proposition versus Bitcoin.

XRP Price Analysis

XRP/USD is within a bullish breakout formation.

Since the March 11 bullish bar has a relatively high trading volume, traders can search for entries on dips.

The immediate support lies at March 5 high of $0.66. Any breach below this level may weaken the upside momentum.

On the flip side, a significant burst above $0.74, backed by equally high trading volume, could fuel the march towards July 2023 highs of $0.93, even $1.