Ripple witnessed an impressive rally over the past day but might soon face resistance due to short-term profit-taking.
Ripple (XRP) 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, with daily trading volume rallying 210% to surpass $5 billion.
XRP’s market cap is currently at $33.8 billion, closing the gap with USDC’s $34.5 billion.
According to data from Santiment, whale transactions consisting of at least $100,000 worth of XRP rose from 869 to 935 unique transactions over the past day, indicating potential high price volatility for the seventh-largest crypto asset.
Data from the market intelligence platform shows that the XRP Relative Strength Index (RSI) surged from 41 to 57, indicating XRP is slightly overbought at this price point.
XRP’s total supply in profit increased from 70.46 billion to 77.49 billion. Short-term traders might take profits as the crypto market remains highly volatile.
Last week, investors were anticipating a mega breakout for XRP. However, this was cut short due to geopolitical tensions in the Middle East and recession fears in the US.
