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1.5 Billion XRP in 24 Hours, Here’s the Twist – TradingView News
XRP is struggling for balance amid the sudden shift in the broader crypto ecosystem that has seen its combined market cap fall 0.53% to $2.53 trillion. According to data from CoinMarketCap, XRP is trading at $0.5208, falling marginally by 0.6% in 24 hours.
XRP volume crisis
As one of the highest-ranked digital currencies on the market, XRP has seen a huge drop in retail interest, as demonstrated by trading volume. This metric dropped 28.94% in 24 hours, with a total of $829,420,699 shuffled. This XRP trade totaled over 1.5 billion coins traded.
The volume is quite low compared to XRP’s regular all-time high, where nearly double that supply changes hands in a 24-hour period. This dampened sentiment presents two contrasting scenarios for the future price of the digital currency. First, the low volume could be a cautionary measure for both retail investors and XRP whale investors amid a general bear market.
In this case, a resumption of accumulation or trading activities and, ultimately, a price increase is imminent when conditions are optimal. Furthermore, this drop in volume may be a period of reflection regarding the ecstatic price trends recorded in May.
According to data from Cryptorank, the currency rose 3.17% to sustain the streak of 2023, when it ended the month with growth of 9.84%.
Obstacle ahead
XRP is in uncharted territory and has been trading very close over the past month. It recorded a low of $0.4879 to a high of $0.5689. This is not a very strong wall to break free from, however, XRP has historically traded negative in June.
Although conditions are more favorable this time, obstacles around its legal restrictions may be needed before convincing progress can be made.