According to U.Today, XRP has seen a significant increase in its market value, following a general market rebound trend. The cryptocurrency's price rose from a 24-hour low of $0.4993 to a high of $0.5213, marking a 3.56% increase in the trailing 24-hour period. The current price of XRP stands at $0.5180.
A notable trend in the XRP trading ecosystem is the substantial increase in trading volume. This key interest indicator has surged by over 20% overnight, reaching a total of $1,231,202,840. This implies that a total of 2,376,839,459 XRP has been traded so far, according to data from CoinMarketCap. This figure does not include Over-The-Counter (OTC) trades, which also make up a significant portion of the trading volume.
With renewed interest in the retail market, XRP is poised to chart a new bullish trend. The cryptocurrency has generally maintained the $0.52 level as a strong support, which it has not successfully breached since at least May 10. With the boom in trading volume, this narrative may change in the short to midterm.
Despite being one of the most troubled altcoins in the top 10 list, many XRP proponents believe that the coin's undervaluation may soon change. This is contingent on the outcome of the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). While the timeline for this remains uncertain, the community is closely monitoring key dates for important events.
The growth of the XRP Ledger (XRPL) ecosystem is another major catalyst that coin proponents believe will boost the price in the long term.