- XRP saw a massive surge in trading volume in the second quarter of this year.
- The cross-border remittance token recorded four days in the second quarter with the highest trading volume in its entire history.
- The volatility of XRP was significantly higher than that of Bitcoin and Ethereum during this period.
Ripple’s most recent quarterly report found that the cross-border remittance token saw an increase in trading volume in the second quarter of this year.
XRP Q2 volume nearly doubled in the last quarter
XRP, the sixth largest cryptocurrency by market capitalization, saw its trading volume soar to over $ 4.4 billion in the second quarter of this year. This compares with trading volume in the first quarter of $ 2.2 billion, up 98% in the second quarter.
XRP’s volume saw four days in the second quarter, of which it hit the four highest volume days ever recorded in its entire history.
Ripple’s quarterly report also states that three billion XRP have been released from escrow, which averages one billion per month, in line with previous quarters and the official escrow agreement.
Ripple also recorded the milestones it made in the lawsuit filed by the U.S. Securities & Exchange Commission (SEC), including the fact that the blockchain firm was entitled to certain internal regulatory documents.
The XRP price could pull back before another spike
XRP price got off to a good start early in the second quarter, seeing a nearly 240% spike in less than two weeks in April. The rally didn’t last, however, and the cross-border remittance token is down about 62% from its April high.
XRP price soared nearly 33% over the past week, breaking the 50-day Simple Moving Average (SMA) on the daily chart, which has acted as strong resistance for Ripple since May 19.
The rise in buying pressure caused the XRP price to rise through the 38.2% Fibonacci expansion level and mark the 61.8% Fibonacci expansion level.
XRP / USDT daily chart
However, Ripple faces a tough hurdle in the 200-day SMA as the Momentum Reversal Indicator (MRI) flashed an MRI peak signal, suggesting that XRP price may have reached its local high.
XRP price has failed to climb above the 61.8% Fibonacci expansion level and the 200-day SMA at $ 0.76, which could cause Ripple to retest critical support levels before targeting a higher level.
The first line of defense is at the 50-day SMA and the 38.2% Fibonacci expansion level at $ 0.66. Should further selling pressure arise, the XRP price could fall into the demand zone, which extends from $ 0.55 to $ 0.60 – the latter coincides with the 23.6% Fibonacci expansion level.