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.
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