The trading volume of the fifth largest cryptocurrency by market capitalization – XRP – has spiked by over 90% in the past 24 hours, whereas other indicators, such as the asset’s futures long/short ratio, have also headed north.

Those are considered bullish factors, indicating that traders believe the coin’s price could soon start rallying.

XRP on a Pole Position

The cryptocurrency market has shown signs of serious revival lately, with the prices of most assets spiking to weekly highs. Such is the case with Ripple’s native token – XRP – which surpassed the $0.50 level, reaching a 10-day peak.

According to CoinGlass, its trading volume (the total number of units exchanged between buyers and sellers over a particular period) has also surged considerably, being up more than 90% in the past 24 hours. Specifically, traders exchanged approximately 1.7 billion XRP tokens during that time, equaling roughly $876 million.

It is also worth observing the numbers charted on Binance (the largest market at present for the coin). CoinGlass estimated that the XRP/USDT Long/Short Ratio has increased to 2.83 on the world’s largest cryptocurrency exchange.

The rise of the metric indicates that there are more long positions than short ones, which suggests a bullish sentiment among traders.

Can XRP Hit a New ATH Soon?

Several analysts and experts have recently envisioned a bright future for XRP, predicting its price could skyrocket to a new all-time high in less than five years. One such person is Shannon Thorp, who thinks that