XRP, one of the top digital assets in the cryptocurrency world, has been riding a wave of positive sentiment recently

XRP, one of the top digital assets in the cryptocurrency world, has been riding a wave of positive sentiment recently. The coin saw a dramatic 124% surge in trading volume

Recently, one of the top digital assets in the cryptocurrency world, XRP, has been hitting headlines for all the wrong reasons. Despite seeing a dramatic 124% surge in trading volume, which usually fuels optimism among investors and fuels speculation about a new price rally, XRP has hit a significant barrier.

According to the latest data from CoinMarketCap, XRP’s price hit the brakes when it encountered its first major rejection at the $2.30 mark. This setback has raised questions about the sustainability of the coin’s bullish trend, which has been a hot topic of discussion among crypto traders.

As investors process this setback, they're also looking at the broader implications for the cryptocurrency market. With Bitcoin showing signs of weakness and other major coins also facing pressure, there's a sense that the tide might be turning against the bulls.

However, it's important to note that XRP's trading volume has spiked significantly, suggesting that there's still plenty of interest in the coin. In the past 24 hours alone, XRP's trading volume shot up by $5.92 billion, which is a massive increase.

This surge in trading activity is a direct response to the coin's positive momentum in recent weeks. As XRP continues to climb the ranks and break through key resistance levels, investors are becoming increasingly engaged, leading to more buying and selling activity.

At its peak, XRP’s trading volume touched $5.92 billion, signaling that more investors were jumping into the market in anticipation of price gains. Despite this surge in volume, XRP faced a crucial resistance level at $2.30. For many in the crypto community, this was a pivotal moment. A breakthrough above this price point would have signaled a potential rally to even higher levels, but the coin failed to push past the $2.30 barrier.

According to the most recent data, XRP’s price dipped slightly after hitting $2.2962, retreating from its gains to begin the new trading day. The cryptocurrency giant’s price saw a 4.46% increase over the last 24 hours, as the market reacted to the latest developments.

However, despite this small gain, XRP’s price couldn’t maintain the earlier bullish momentum. The price dip following the rejection at $2.30 indicates that investors are facing uncertainty, and the market might not be as bullish as it once seemed.

While the trading volume slightly decreased to $5.86 billion, a 116.26% rise, the price action suggests that XRP is currently struggling to maintain its upward trajectory. The decline in price after hitting resistance has left many investors wondering whether this could be the beginning of a more significant pullback or just a temporary setback before the next big move.

Despite the current rejection, many market participants remain hopeful that XRP will rebound in the near future. The broader cryptocurrency market is still generally bullish, and there are indications that XRP could overcome this obstacle and resume its upward trend.

Cryptocurrency behemoth Ripple saw 650 million XRP tokens change hands in April alone, highlighting the significant activity from XRP whales. Whales are often seen as influential players in the market, and their actions can heavily impact price movements.

If these large holders continue to accumulate XRP, it could create additional upward pressure on the price, potentially helping the coin break through its current resistance levels.

Another factor that could impact XRP’s price in the coming months is the recent appointment of Paul Atkins as the new chair of the U.S. Securities and Exchange Commission (SEC). The SEC has been closely monitoring XRP due to ongoing legal issues related to its classification as a security.

However, with Atkins now at the helm, there are speculations that his stance on cryptocurrency regulation could be more favorable for XRP, which might lead to positive reactions in the market.

Some investors believe that under Atkins’ leadership, the SEC could provide more clarity on the legal status of XRP, paving the way for broader adoption and increased demand. This, in turn, could boost the price of XRP, especially if the coin can break past the $2.30 resistance and move towards higher targets such as $2.70 or even $3.

While XRP faces a temporary setback at $2.30, many investors remain optimistic about the coin’s future. Considering the cryptocurrency’s price could still see significant upward movement if it can overcome the resistance at $2.30.

According to technical analysis, if XRP manages to break through the $2.30 level and sustain gains above this point, it could continue rallying to reach the next resistance zone, which is placed in the range of $3.45 to $3.60.

For now, investors are keeping a close eye on the market’s next move. XRP’s price action, combined with its recent surge in trading volume and the broader bullish sentiment in the crypto market, makes it clear that the