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Cryptoprowl.com / XRP (CRYPTO: $XRP ) is back above the key support level of $1.40 U.S. as a breakout in the cryptocurrency accelerates.

In early trading on March 13, XRP is up 5% and trading at $1.44 U.S., its highest level in months.

Analysts say that XRP appears to have finally broken above a months-long descending trendline and the $1.39 U.S. resistance level.

They also point to a surge in trading volumes as a sign that XRP is gathering bullish momentum and likely to rise further in the near-term.

Activity on the XRP Ledger rose to roughly 2.7 million daily transactions on March 12, aided by a boost in real-world-asset tokenization projects.

Trading volumes in XRP surged to roughly 205 million tokens on the day, more than triple the recent average.

Traders and analysts are now watching to see if XRP can hold above $1.40 U.S., which would indicate a new support level for the cryptocurrency.

If XRP can build on its current momentum, a move up to and possibly exceeding $1.50 U.S. could occur, say analysts.

However, bears say that a slide back below $1.40 U.S. could lead XRP to drop back toward the $1.34 U.S. level.

XRP appears to be rising as investors turn more positive on digital assets and begin to assess whether the corrective phase in cryptocurrencies is ending.