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Ripple witnessed an impressive rally over the past day, but might soon face resistance due to short-term profit-taking. 
Ripple (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">XRP</a>) 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 at 21:30 UTC on Aug. 7 as its daily trading volume rallied 210%, surpassing the $5 billion mark. 
<figure class="wp-block-image size-full">
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 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/XRPUSDT_2024-08-08_10-57-56.png" alt="XRP surpassed the $0.60 mark, but likely to face resistance - 11"> 
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 XRP price – Aug. 8 | Source: <a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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XRP’s market cap is currently sitting at $33.8 billion, closing the gap with USDC’s $34.5 million. 
 You might also like: <a href="https://crypto.news/bitcoin-price-could-rise-if-this-rare-pattern-works-says-peter-brandt/"> Bitcoin price could rise if this rare pattern works, says Peter Brandt </a> 
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP rose from 869 to 935 unique transactions over the past day. The increased trading volume and whale activity could hint at potential high price volatility for the seventh-largest crypto asset. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14290170"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/XRP-Ledger-XRP-10.57.39-08-Aug-2024.png.webp"> 
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/XRP-Ledger-XRP-10.57.39-08-Aug-2024.png" alt="XRP surpassed the $0.60 mark, but likely to face resistance - 12"> 
 </picture> 
 <figcaption class="wp-element-caption">
 XRP price, RSI, whale activity and supply in profit – Aug. 8 | Source: <a href="https://app.santiment.net/charts/Scp0j_ev__sCl" target="_blank" rel="">Santiment</a>
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Data from the market intelligence platform shows that the <a href="https://crypto.news/xrp-trx-hnt-top-cryptocurrencies-to-watch-this-week/" target="_blank" rel="noreferrer noopener">XRP</a> Relative Strength Index surged from 41 to 57. The RSI indicator shows that XRP is slightly overbought at this price point. 
Moreover, XRP’s total supply in profit increased from 70.46 billion on Aug. 5, when its price fell to $0.43, to 77.49 billion at the reporting time. It’s highly expected that short-term traders would try to take profits as the crypto market is still moving in a highly volatile zone. 
In the last week of July, investors were discussing a <a href="https://crypto.news/xrp-mega-breakout-rally-but-not-60000/" target="_blank" rel="noreferrer noopener">mega breakout</a> for the XRP price which soon came to an end with the <a href="https://crypto.news/bitcoin-spirals-below-55k-for-first-time-july-13/" target="_blank" rel="noreferrer noopener">geopolitical tensions</a> in the Middle East and the fear of recession in the United States. 
 Read more: <a href="https://crypto.news/is-donald-trump-jr-s-huge-announcement-a-rwa-project/"> Is Donald Trump Jr.’s ‘huge’ announcement a RWA project? </a>

XRP surpassed the $0.60 mark, but likely to face resistance

crypto.news

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