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Friday, July 19, 2024

Ripple (XRP) Trading Volume Soars Amid Ongoing Market Turbulence

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Ripple’s XRP has been one of the cryptocurrencies that managed to maintain relative stability during the ongoing market turbulence.

In fact, for the past 24 hours, it has added 0.62% to its price and remains trapped in a relatively tight range at around $0.48.

XRP Trading Volume Soars

Data from CoinMarketCap reveals that, at the time of this writing, the XRP trading volume has increased by a whopping 100% for the past 24 hours.

Coupled with the relative stability in XRP’s price, this builds on the conclusion that the current trading range for the cryptocurrency is crucial and likely to lead to a considerable move.

This sideways movement pattern was outlined in our most recent XRP price analysis:

A detailed examination of the daily chart reveals that Ripple has been consolidating between the substantial support of $0.47 and the crucial resistance of $0.55, with the price forming a sideways triangle pattern.

Subsequently, the direction of the breakout is likely to determine the trend for this cryptocurrency in the mid-term.

XRP Price Hinging on Other Factors

Another important factor that might be suppressing XRP’s price and volatility, in general, is the ongoing case between Ripple and the United States Securities and Exchange Commission.

The outcome will determine whether or not XRP will be classified as a security in the eyes of regulators, which is likely an important consideration for both new and existing investors.

The lawsuit is currently in its trial phase and it doesn’t seem like it will be ending any time soon, meaning that volatility is likely to elude the XRP market until that happens.

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