The XRP course is recovering remarkably quickly today. After a big thump yesterday, with the coin diving shortly under the symbolic limit of 2 dollars, the price fought back strongly this morning. Around noon, XRP was again above that threshold. The recovery went hand in hand with a considerable revival in the trade volume, especially at the derivatives markets.
Xrp rate recovery to dip up to 1.91 dollars
In the last 24 hours, XRP fluctuated within a bandwidth of 6.5 percent. The race fell to $ 1.91, but soon managed to scribble up again to a peak of 2.04 dollars. That rapid recovery-a so-called V-shaped pattern-indicates that buyers immediately jumped in after the decrease.
The zone around 2 dollars remains a crucial level. There the race now seems to be stabilizing, with slight resistance around $ 2.02 and a support zone around 1.99 dollars.
Derivatenmarkt explodes to 4 billion dollars
The recovery of XRP did not go unnoticed on the futures markets. Nearly 4 billion dollars was traded in XRP contracts there-a strikingly high volume. Most trading activity took place on Binance (30.58%), followed by Bybit and OKX.
According to analysts, that is a sign that large investors board again. Such a combination of price recovery and increasing volume is often seen as a strong signal of increasing interest.
ETF hype fuels optimism
The ETF news also plays a part in the recovery. In Canada, 3IQ and Purpose Investments recently launched their own XRP ETFs at the fair in Toronto. And in the United States, the SEC supervisor has started a consultation on the XRP-ETF proposal of Franklin Templeton.
Although that does not mean a green light yet, many investors see it as a possible step towards approval. And that feeds the hope for wider adoption.
The big question now is whether XRP has enough strength to move on to the next resistance around $ 2.14.
Source: https://newsbit.nl/xrp-koers-terug-boven-2-dollar-na-verkoopgolf-futuresvolume-explodeert/
