XRP Price: Bulls Take Control as Trading Volume Explodes 193% in 24 Hours

TLDR

XRP reached $2.61, hitting a two-month high not seen since March 6 Trading volume surged 193.5% to $10.83 billion in 24 hours Derivatives market saw 237.27% volume increase to $19.4 billion Price is maintaining above key support at $2.40 and 100-hourly SMA Technical indicators point to potential $3 target if momentum continues

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XRP has been showing strong upward momentum in recent days, reaching levels not seen in the past two months. The cryptocurrency hit a daily high of $2.61 in its latest rally, marking its highest point since March 6, 2025.

The digital asset has gained approximately 4% in the past 24 hours and is up 6% over the last week. This upward movement comes with a massive increase in trading activity across both spot and derivatives markets.

Spot trading volume for XRP has experienced a dramatic jump to $10.83 billion, representing a 193.5% increase compared to the previous day’s figures. This surge in trading volume indicates growing interest and participation from market participants.

XRP Price

The derivatives market has shown even stronger growth, with trading volume soaring 237.27% to reach $19.4 billion. Concurrently, open interest has increased by 13.55% to $5.23 billion, according to data from Coinglass.

These metrics suggest that traders are not only entering the market in larger numbers but are also placing bigger bets on XRP’s future price movement. The increase in open interest particularly points to new money flowing into the market.

Market Position Strengthens

During this rally, XRP briefly overtook Tether as the third-largest cryptocurrency by market capitalization. This temporary position change highlights the magnitude of XRP’s recent price performance.

Several factors have contributed to XRP’s latest surge, according to analytics platform Santiment. These include an 11% increase in XRP holders since the beginning of 2025, growing adoption through payment platforms like Travala, and Missouri’s proposed House Bill 594.

The proposed legislation would allow Missouri citizens to deduct all capital gains taxes on digital assets like XRP and Bitcoin, potentially creating a more favorable environment for cryptocurrency holders in the state.

From a technical analysis perspective, XRP is displaying strong bullish indicators. The price is currently trading above key moving averages, including both the 10-day and 200-day averages, which traditionally signal buying opportunities.

The Moving Average Convergence Divergence (MACD) indicator is in positive territory, while the Relative Strength Index (RSI) sits at 62. This RSI level suggests that although XRP has seen substantial gains, it still has room to move higher before entering overbought conditions.

XRP price found support at $2.250 before starting its recent upward movement. The price is now correcting gains from the $2.650 level and testing the $2.420 support zone.

Technical charts show a bullish trend line forming with support at $2.4350 on the hourly chart. This structure suggests that despite the current retracement, the overall bullish pattern remains intact.

If XRP maintains its position above the $2.45 support level, analysts believe it could push toward $2.80 or potentially test the psychologically important $3 level. However, a drop below $2.20 might trigger a short-term pullback.

Some market observers, including crypto analyst Dark Defender, suggest this could be the beginning of a larger price wave. Using Elliott Wave theory, they propose that XRP may have completed its Wave 4 correction at $2.07 and is now entering Wave 5, typically considered the strongest part of the cycle.

Hi all,

XRP had a clear break on the weekly time frame after surpassing $2.2222 and touching $2.3620.

We expected a correction and had it to $2.07 ($2 levels were the target)

Monthly Wave 5 is progressing full speed.

Weekly RSI will turn bullish this week, which endorses our… pic.twitter.com/lUoX6t27Sa

— Dark Defender (@DefendDark) May 10, 2025

According to this analysis, if the pattern holds, XRP could potentially reach targets between $5.85 and $6.39 in the coming weeks, though confirmation of this pattern is still needed.

The immediate resistance levels for XRP include $2.4950, followed by $2.550 and then $2.600. Breaking through these levels could open the path toward testing the recent high of $2.6560 and beyond.

On the downside, support exists at $2.4350, with the next major support level at $2.40. A close below this level could lead to further declines toward $2.350 or even $2.320.

The hourly price chart shows that XRP remains above the 100-hourly Simple Moving Average, which is a positive sign for bulls in the short term.

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