There has been a notable surge in the trading volume of XRP just in time for Ripple’s upcoming “The Proper Party” event in New York City, according to Tara, famous X (Twitter) Analyst. XRP saw its trading volume spike to reach over $2.3 billion on September 28, its highest level since May. This has allowed XRP to hold steady around the $.53 level.
If XRP can maintain its trading volume and continue holding support around the $.53 level, analysts say it could be poised to hit the next price target of $.587. The surge in activity indicates growing momentum that could allow XRP to push toward $.587, if current levels are sustained over the short-term.
The nearest key support level for XRP is around $0.45. On the upside, XRP faces resistance zones at $0.55 (previous support), $0.68, and $0.92. Breaking above these levels could open the door for further gains. Holding support at $0.45 is important to maintain the short-term bullish momentum.
Ripple’s Party
The timing of this increased activity seems tied to Ripple’s high-profile celebration event happening on September 29 in NYC. Ripple is hosting the exclusive party at the Hammerstein Ballroom to commemorate its recent legal victory against the SEC. The event has generated hype within the XRP community, with speculation about potential major announcements like a Ripple IPO or settlement with the SEC.
However, crypto legal expert John E Deaton believes no significant revelations are forthcoming at the event itself. In a tweet, Deaton stated “I do not anticipate any IPO or SEC settlement announcement next week in NYC…”
Nonetheless, the surge in trading volume indicates renewed investor interest in XRP ahead of Ripple’s celebratory event. If XRP can sustain trading volume at this level, technical analysts suggest the price could push toward the $.587 target. Traders are closely monitoring whether the momentum will continue, especially if any surprises emerge from Ripple’s high-profile party.
The soaring trading activity shows that anticipation is building in the XRP community. All eyes will be on Ripple’s event to see if it provides any catalysts that could propel XRP to further gains.
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