The price of XRP, the fifth largest cryptocurrency, suddenly jumped as much as 10% within an hour as traders continued to place bets.
The price jump caught the attention of the XRP community; however, the exact reason for the spike remains unknown.
XRP enthusiast and attorney Jeremy Hogan observed XRP decoupling from Bitcoin. This is because Bitcoin was down 0.13% in the last 24 hours, while XRP rose nearly 10% within this time frame.
Last week: Bitcoin decoupled from tech stocks.
This week: XRP decouples from Bitcoin.
Next week: Everyone keep an eye on your spouses – lots of decoupling going around. https://t.co/4IaeUNM4SL
— Jeremy Hogan (@attorneyjeremy1) October 31, 2023
As traders placed bullish bets on the XRP price, trading volumes increased by 145%. In the last 24 hours, 3.55 billion XRP, or $2.15 billion, were traded, according to CoinMarketCap data.
Trading volume, or the total number of units swapped between buyers and sellers, may indicate investment positioning.
Increased volatility, in general, leads to increased trading volumes in any market, as experienced traders buy and sell huge quantities to maximize gains.
Similarly, the increase in XRP’s volume may have been triggered by investors wishing to acquire XRP at its current price in expectation of the price advance continuing.
Following days of losses, XRP initiated a rebound from its Oct. 27 low of $0.533. XRP surpassed the $0.586 level that had stalled its growth in the previous week and months while climbing.
With this barrier easily surmounted, XRP bulls took aim at the next target at $0.62, where an impediment was met.
At the time of writing, XRP was up 9.67% in the last 24 hours to $0.60, after previously reaching highs of $0.62 in today’s trading.
