🌎 Ripple Surges 18% Amid Increased Whale Activity and Market Volatility

Ripple experienced a significant rally over the past day, but it may soon face resistance due to short-term profit-taking.

Ripple is up by 18% in the past 24 hours and is trading at $0.605 at the time of writing. The asset briefly reached an intraday high of $0.64 at 21:30 UTC on Aug. 7 as its daily trading volume surged 210%, surpassing the $5 billion mark.

XRP’s market cap currently stands at $33.8 billion, closing the gap with USDC’s $34.5 million.

According to data, the number of whale transactions consisting of at least $100,000 worth of XRP rose from 869 to 935 unique transactions over the past day. The increased trading volume and whale activity could indicate potential high price volatility for the seventh-largest crypto asset.

Data from the market intelligence platform shows that XRP’s Relative Strength Index (RSI) surged from 41 to 57. The RSI indicator suggests that XRP is slightly overbought at this price point.

Moreover, XRP’s total supply in profit increased from 70.46 billion on Aug. 5, when its price fell to $0.43, to 77.49 billion at the reporting time. It is highly anticipated that short-term traders may attempt to take profits as the crypto market remains highly volatile.

In the last week of July, investors were discussing a potential breakout for the XRP price, which soon ended due to geopolitical tensions in the Middle East and fears of a recession in the United States.