XRP's daily transaction volume surged to record highs as the cryptocurrency overtook Tether (USDT) to become the third largest coin by market cap.
According to data from CoinMarketCap and Coingecko, XRP price has risen to a 2020 high of $ 0,60 on the morning session of November 24, and the market cap has also risen sharply to $ 11 billion.
Meanwhile, daily transaction volumes soared to a record high of $ 20,83 billion. By comparison, XRP's daily trading volume hovered around $ 9,5 billion when it recorded an all-time high of $ 3,84 in January 1.
Although XRP has been making waves over the past few days, not all analysts believe XRP can sustain its bullish momentum.
Crypto strategist and trader Michaël van de Poppe believes that Ripple's cryptocurrency is about to experience a major downside correction.
“XRP is having the strongest price increase since the beginning of the year, however, in my opinion it will not last long, there will definitely be a big downside correction if the 0,5 USD threshold is broken, I believe the price will plummeted from this area ”
"Given the importance of the previous resistance range from $ 0,27 to $ 0,30, there will definitely be a correction to that area before we can see an impulse waves" Poppe adds.
Ripple is the owner of more than half of the total XRP supply, with a large amount of its holdings locked in escrow accounts.
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