XRP Restarts Rally, Surges 7.52%; Here’s Why

Below are some main reasons for XRP rise and the coin 7.5% up trying to reclaim $1.

XRP restarts its solo rally, surging by 7.52% over the past 24 hours as it looks to break out of the recent consolidation on increasing interest.

Following a few days of consolidation, XRP has again embarked on a solo rally, surging by 7.52% in the past 24 hours amid increasing interest and demand. XRP wants to leverage the latest run to reclaim and retain a position above the $0.80 price territory.

After the 73.10% intraday gain on July 13 on the heels of Judge Torres’ ruling, XRP witnessed massive opposition to its rally, with the bears resisting the reclamation of $1. This resulted in an 11.95% loss on July 14, as XRP shed off some of the gains picked up the previous day.

XRP continued consolidating at the lower spectrum of the $0.70 level for three days before gaining momentum. The asset eventually closed on July 18 with a 5.49% increase, above $0.77. Building on this run, XRP reclaimed $0.80, surging to $0.81 today before being displaced by the bears. XRP is still up 7.52%, currently trading for $0.7954.

Increasing Demand in XRP

One of the major factors contributing to this recent upsurge. On-chain data suggests that interest and demand for XRP have not waned despite the recently reduced momentum.

Citing data from Fiatleak, a platform that provides visual data on trading activities, The Crypto Basic noted that XRP recently witnessed up to 2 million trades per minute globally.

A disclosure from another investor suggests that the asset further observed 4.7 million trades per minute at some point.

This massive trade activity is because of increasing interest in XRP following the court ruling. XRP has no doubt disappointed the individuals who expected a dump. Investors have faced up to $2.08 million in short liquidations over the past 4 hours. Conversely, long liquidations stand at $959K.

On-chain data substantiates that XRP has recently witnessed increased volume across major exchanges. XRP has a 24-hour volume of $3.3 billion, representing a 39.53% increase from the previous day’s value.

With a spot volume of $584 million on Binance, XRP boasts the second-highest trading volume on the exchange, behind Bitcoin (BTC). Regarding trade volume, XRP has towered above Ethereum (ETH) and BNB.

Volume on Korean exchange Upbit has also surged, currently at $550 million. XRP commands 33% of the entire volume on Upbit. For context, BTC has a volume of $83.8 million on Upbit, representing 5.03% of total volume.

XRP has also spotlighted CoinMarketCap (CMC), securing a position on the trending list, the list of biggest gainers, and the “most visited” list. XRP is the second most trending asset, the second biggest gainer in the last 24 hours, and CMC’s third most visited asset.