XRP’s daily trading volume has soared to a record high as the digital asset overtakes Tether (USDT) to become the third-largest cryptocurrency by market cap.
Data from the crypto price aggregator CoinMarketCap reveals that XRP surged to a 2020 high of $0.49 on November 22nd as its market capitalization swelled to over $22.2 billion.
Daily trading volume spiked to a record high of $16.99 billion. In comparison, XRP’s daily trading volume hovered around $9.5 billion when it recorded its all-time high of $3.84 per coin in January 2018.
While XRP has made waves over the last few days, not all analysts are convinced that the third-largest cryptocurrency can sustain its bullish momentum. Crypto strategist and trader Michaël van de Poppe believes that Ripple’s native asset is likely due for a correction.
“We can expect XRP to relatively top out soon unless it flips this $0.50 level. So if we get a momentum like this and we flip there ($0.50), that would definitely argue that we’re going to see a continuation. But, given the significance of the previous range of resistance between $0.27 to $0.30, it would definitely be expected to see a correction towards that region before we can see an impulse wave.”
Ripple is the owner of over half of the total supply of XRP, with a large number of its holdings locked in escrow accounts. As of writing, XRP is trading at $0.45 and is up 68% in the last seven days.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/IM_VISUALS
