According to U.Today, XRP, the sixth-largest digital asset, has seen a significant increase in trading volume, with a notable 88% surge. Data from CoinMarketCap reveals that XRP's 24-hour trading volume has risen by 87.90%, equating to $1.56 billion worth of trades. This substantial increase in trading activity is indicative of a revival in bullish sentiment across the cryptocurrency market, suggesting a resurgence of investor interest and optimism.
Major cryptocurrencies, including Bitcoin, have seen price increases and have reclaimed previous price levels, reigniting confidence in the market's bullish momentum and sparking increased activity. Bitcoin, the first and largest cryptocurrency by market value, continued its recovery from the weekend, reaching an intraday high of $72,624 — its highest level since April 1. XRP mirrored Bitcoin's price action, trading in the green at the time of reporting.
XRP has extended its recovery from its April 5 low of $0.569 into the third day. If the day closes in the green, it will mark XRP's third consecutive day of gains. At the time of writing, XRP was up 2.27% in the last 24 hours to $0.617, having reached intraday highs of $0.611. Market watchers are now focusing on the potential for a significant break above the daily MA 50 at $0.609, which could trigger a new rally for the XRP price, with targets at $0.645 and $0.662.
According to CoinShares, digital asset investment products experienced strong bullish sentiment last week, with inflows totaling $646 million. Year-to-date inflows of $13.8 billion are at an all-time high, surpassing the $10.6 billion recorded in 2021. Bitcoin attracted the most inflows, totaling $663 million; XRP and Litecoin saw inflows of $0.1 million and $4.4 million, respectively. However, CoinShares noted that the appetite from ETF investors, which had previously driven the market rally, was moderating, with weekly flow levels not reaching levels seen in early March, while volumes last week fell to $17.4 billion, down from $43 billion in the first week of March.