![XRP traces bullish rebound on 2.4 billion tokens traded](https://u.today/sites/default/files/styles/736x/public/2024-06/49064.jpg)
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XRP, the payments token associated with Ripple Labs Inc., is currently showing a bullish rebound, with approximately 2.4 billion tokens traded in the last 24 hours. XRP's recent movement is quite remarkable as it follows a decline since May 21.
Factors Fueling XRP’s Rise
According to data from CoinMarketCap, XRP rose 0.18% to trade at $0.5265. The market capitalization also increased by 0.29% to $29 billion, making XRP the seventh largest cryptocurrency in the world.
The current surge in XRP price can be attributed to the current rebound in the broader crypto market. The main cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have seen significant price increases in recent days.
Additionally, expectations regarding the launch of a spot XRP ETF may also have influenced the positive sentiment in the market. The anticipation is based on the recent approval of Ethereum spot ETFs by the United States Securities and Exchange Commission (SEC). As a result, some analysts and crypto enthusiasts believe that XRP could be the next crypto to gain regulatory approval for ETFs.
If this ultimately happens, they say XRP could experience a supply shock that could fuel further price increases. Ripple CEO Brad Garlinghouse shares this view. In a previous report from U.TodayGarlinghouse said the launch of an XRP ETF is inevitable.
XRP fills crucial support level
Historically, the $0.51 mark has been a critical support level for XRP. Based on observation, XRP maintaining this price has led to price increases for the cryptocurrency in the past. On the other hand, crossing below this level leads to a drop in prices.
Therefore, XRP price at $0.5265 means that the token could demand further increases soon. Traders should, however, look for other metrics that may influence the price of XRP before investing their money in the digital asset.