Over $3 billion worth of XRP (CRYPTO: XRP) was traded within a single day, marking a significant recovery for the digital asset after a challenging week.

What Happened: According to data from CoinMarketCap, the XRP has been steadily regaining key support levels. The digital asset rebounded from a low of $1.94 on Friday to $2.06 on Saturday, marking a 2.63% increase within 24 hours.

Friday’s trading session saw a transfer of 200 million XRP, worth approximately $402.7 million, from Ripple to an undisclosed wallet.

This follows a February spike in XRP’s realized cap, which nearly doubled from $30.1 billion to $64.2 billion, largely driven by new investors.

Currently, around 6 million old supply accounts for 62.8% of XRP’s realized cap, a significant increase from just 23%. This rapid concentration in new holdings indicates strong retail activity but also highlights potential fragility due to elevated cost bases.

Also Read: XRP Outshines Bitcoin, Ethereum With A 5% Spike Ahead Of Its ETF Debut On Wall Street

The coming days will be crucial for XRP, with focus on inflows and volume. If the upward momentum continues, XRP may attempt to reclaim resistance levels. However, if momentum slows, XRP may remain in consolidation until its next major move.

Why It Matters: Ripple Labs and the U.S. Securities and Exchange Commission have jointly filed a request to suspend their respective appeals while they “pursue a negotiated resolution” of their ongoing case.

This move could potentially impact XRP’s market performance in the coming days, adding another layer of complexity to the digital asset’s future trajectory.

Read Next

Crypto Community Buzzes as $250 Million Bitcoin Whale Returns from Hibernation, Is It A Good Sign?

Shutterstock: Eduardo Estellez