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XRP, the eighth largest cryptocurrency by market value, has seen a 109% spike in trading volume, with its price reaching $0.70.

According to CoinMarketCap data, XRP's trading volume has skyrocketed 109% in the last 24 hours, reaching $8.02 billion, or 12.6 billion XRP.

Notably, the XRP price has surged within this time frame, creating a massive daily candlestick as it sprung from lows of $0.596 to reach highs of $0.70 in today's trading session. XRP has been on a run since Nov. 9, rising from lows of $0.543.

The surge in volume and price can be attributed to several factors. The broader cryptocurrency market is showing an "undeniable bull run," with many digital assets experiencing upward momentum. Bitcoin surged to fresh all-time highs of $89,995 in early Tuesday's trading session, lifting the value of the entire crypto market.

XRP has benefited from this positive market sentiment, attracting substantial trading activity. At the time of writing, XRP was up 11% in the last 24 hours to $0.643 and up 28% weekly.

The price rise has reignited optimism for XRP, which has been trading in the range of $0.487-$0.566 over recent weeks. The $0.70 price level reached in today's trading session represents a key breakout point and, if sustained, could set the stage for further gains in the short term.

What's next for XRP?

XRP began to rise after hitting support at a low of $0.491 on Nov. 3. Since this date, XRP has marked eight out of nine days in green, indicating the start of a new move.

In the process of this move, XRP exited the $0.487-$0.566 range it had held within in recent weeks and also surged above the daily moving averages 50 and 200, at $0.546 and $0.538, respectively, which had constricted its price since the start of October.

The rally is facing selling at $0.70, as seen from the long wick in today's candlestick. Support is envisaged near $0.60 in the very short term, ahead of $0.579. A drop below the daily moving averages of 50 and 200 would extend the XRP range in the short term.

On the other hand, a surge above $0.70 might cause a retest of the yearly highs at $0.74.