XRP is in the spotlight as overall market momentum turns bearish, with the combined capitalization dropping by 0.76% to $2.95 trillion. The price of XRP remains locked below the psychologically important $2.50 mark, keeping it one of the least important performers on the market today. With enough room for a rebound, XRP is now on the watchlist of many market analysts.
XRP volume as determinant
According to data from CoinMarketCap, the XRP price has dropped by 0.97% in 24 hours to $2.18. However, the coin is one of the top 10 altcoins, with a positive boost in daily trading volume.
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As of press time, this volume has jumped 24% overnight, with over $1.87 billion traded on the open market. XRP trading pairs on Binance and Upbit led the retail adoption trend, with over $130 million traded on both platforms.
Volume is one of the direct metrics that gauge the level of asset adoption by retail and institutional investors or traders. Based on precedent, XRP’s volume has always accompanied a targeted price rebound.
If history repeats itself, the same trend may be recorded for the top altcoin, possibly helping to reverse its current bearish growth trend.
XRP catalysts still flashing potential
While most investors have adopted the wait-and-see approach to the top coins, key fundamental catalysts remain important to watch in a push for the asset’s breakout.
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The XRP ETF remains a top watch, as future products tied to the coin have underscored the growing demand for the coin. Should the U.S. Securities and Exchange Commission (SEC) approve the product, it can set it up for massive adoption, like Bitcoin.
Beyond the expectation of an ETF, the push toward more utility as an asset in the Ripple Labs ecosystem also drives its overall use case. The purchase of Hidden Road and the XRP Ledger (XRPL) enhancements have all boosted the coin’s appeal, setting it up for a breakout.
Source: https://u.today/xrp-volume-explodes-24-as-market-fights-off-sellers