- Ripple’s (XRP) network and trading activity have significantly surged recently.
- XRP’s average trading volume over the past month hit $462 million.
- XRP’s price experienced a downturn but its trading volume surged 20.45%.
Kaiko’s recent publication indicates a significant surge in Ripple’s
The report indicates that August was volatile for the remittance token, as it experienced a significant price drop of more than 25%. This poor performance differed notably from other leading altcoins, leading to conjecture about why XRP could not leverage its previous advances.
Additionally, data from Kaiko indicated a shift in market sentiment for XRP as traders seized opportunities to take profits, resulting in a bearish trend for the token’s value. Notwithstanding its price challenges, XRP demonstrated exceptional trading volume, outperforming other alternative cryptocurrencies over the previous month.
Kaiko reports that XRP’s average trading volume over the past month hit $462 million, a figure that is purportedly quadruple that of its nearest competitors, Solana
Significantly, Upbit, the premier Korean exchange, and OKX underwent considerable sell-off pressure, whereas Coinbase witnessed heightened buying activity during the same timeframe. This indicates a multifaceted market sentiment with fluctuating enthusiasm for buying and selling across various platforms.
Additionally, the analysis revealed that the mean transaction volume of XRP on Coinbase, a premier U.S. exchange, was notably higher than that of other leading altcoins. This indicates a resurgence in XRP interest among U.S. investors, which could shape its trading patterns.
XRP continues to maintain a high level of trading activity. However, a notable geographical discrepancy is observed. Although XRP leads in overseas markets, its stronghold in the U.S. market is comparatively weaker, ranking as the sixth most traded altcoin in cumulative volume.
Technically speaking, XRP has recently formed a higher low over the past several days, indicating the development of an upward trend line on its daily chart. Moreover, the altcoin’s price has shown a bullish pattern over the last three days. As a result, XRP has been trying to break above the 9-day EMA line, which is currently around $0.5139.
If it surpasses this technical benchmark, it will probably attempt to convert the resistance level at $0.5380 into a support level. This price level is also approximately aligned with the 20-day EMA line.
Securing a daily candle close beyond this level could set the stage for XRP’s price to sustain its bullish trend, targeting the next key resistance at $0.5890 in the days ahead, provided the bullish momentum persists and continues to support the altcoin. This positive momentum could propel XRP to reach $0.6405 within the subsequent fortnight.
On the flip side, should XRP face a setback at the 9-day EMA line today, it could trigger a price pullback, causing it to retrace to the bullish trend line previously established on its charts. A drop below this point could leave the digital currency vulnerable to a downward trajectory towards the next crucial support level, pegged at $0.4715, in the coming days.
In the meantime, data from CoinMarketCap revealed a 0.62% decline in XRP’s price over the last 24-hour trading period. This downward trend further exacerbated the altcoin’s weekly performance, pushing it deeper into negative territory with a total decrease of -2.77%. As a result, XRP’s price was recorded at $0.5039 at the time of reporting.
Despite XRP’s price experiencing a downturn in the last trading day, its trading volume saw a surge of 20.45% within the same timeframe. Consequently, XRP’s total trading volume over the 24 hours was slightly above $751 million.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
