XRP's trading volume edges towards $5 billion once more, with the cryptocurrency's price displaying a reversal trend.
In a surprising turn of events, XRP, the fourth-largest cryptocurrency by market capitalization, has witnessed a significant surge in value and trading volume during Thursday's trading session. At press time, XRP is up 4% in the last 24 hours, reaching $2.28, and has recorded a daily trading volume of $5 billion.
The path to a potential $3 for XRP seems clear, as it has surpassed the daily Simple Moving Average (SMA) 50 at $2.233 and is now eyeing the next barrier at the daily SMA 200, which stands at $2.36. If XRP can clear the daily SMA 200, the way to $3 could become even more apparent.
The increase in open interest for the $3 call option has been observed over the last seven days, with the $3 strike call option for XRP being the most actively traded. Significant buy trades indicate investor optimism for the $3 price level, and if bearish pressure returns, XRP has confirmed support near $2. The daily SMA 50 has mostly restricted XRP's price since February, but it appears that XRP may be breaking free from this barrier.
Several key factors have contributed to the sudden increase in XRP's daily trading volume. Firstly, large whale transactions involving over 219 million XRP ($500 million) between Ripple-associated wallets have contributed to increased trading activity. During peak hours, over 182 million XRP changed hands, with trading volumes spiking significantly.
Secondly, the inclusion of XRP in Grayscale's Digital Large Cap Fund may have increased investor interest, contributing to higher trading volumes. Additionally, ten spot ETF applications pending in the U.S. could further boost volume expectations.
Thirdly, the growth of the XRP Ledger (XRPL) decentralized exchange has been noteworthy. The decentralized exchange (DEX) volume on XRPL soared by 203%, reaching over $300,000 as of July 7, 2025. This growth reflects increased user interest in the platform and its potential as a scalable, low-cost blockchain.
Fourthly, a significant volume spike on the Upbit exchange, with $1.9 billion traded over an hour, also contributed to the increased daily trading volume. This event raised speculation and interest among investors.
Lastly, Ripple's strategic moves, such as its push for a U.S. federal banking charter and its expansion into the tokenization and DeFi spaces, have enhanced XRP's utility and appeal, potentially attracting more investors and increasing trading volume.
Stablecoin behemoth Circle has also made a similar move by applying for a national bank charter, which could further impact the cryptocurrency market, including XRP. As the market continues to evolve, it will be interesting to see if XRP can sustain above the daily SMA 50 and if it will indeed reach the $3 price level.
- The surge in XRP's value and trading volume could potentially push its price to $3, as it has surpassed the daily Simple Moving Average (SMA) 50 and is aiming for the next barrier at the daily SMA 200.
- Investor optimism towards XRP reaching the $3 price level is reflected in the increased trading of the $3 strike call option, with significant buy trades observed over the last seven days.
- Large whale transactions involving over 219 million XRP ($500 million) between Ripple-associated wallets, the inclusion of XRP in Grayscale's Digital Large Cap Fund, the growth of the XRP Ledger decentralized exchange, a significant volume spike on the Upbit exchange, and Ripple's strategic moves in the tokenization and DeFi spaces have all contributed to the increase in XRP's daily trading volume.
- The increasing utility and appeal of XRP, coupled with the ongoing growth and evolution of the cryptocurrency market, particularly with stablecoin behemoth Circle applying for a national bank charter, could influence XRP's future price trends and trading volumes.
