For the first time this week, XRP bears are getting more adamant as the coin’s trading volume has decreased. The total amount of XRP exchanged is estimated by CoinMarketCap to be $2,143,700,463. XRP is now the fifth most traded cryptocurrency on the market, according to this data, but the 25% decline indicates that the intensity is waning.
However, the marginal price of XRP has continued to rise; as of now, the digital currency is up 0.94% to $0.6903. It is important to keep an eye on this price level since any change in either direction might give the currency a new meaning. The declining trade volume indicates buyer withdrawal, a signal that might eventually lead to a sell-off if left unchecked.
The attempt to establish support at $0.7 will be unsuccessful and this sell-off will be disastrous. The dip below this support level is seen as a constructive correction for the time being, and it may be reversed at any time.
Top market expert Michael van de Poppe thinks that given the coin’s long-term view, a further drop might present a strong buying opportunity, despite the bulls’ attempt to hold onto the $0.7 level.
Ripple milestones is great catalyst
Even though XRP is a stand-alone protocol with a robust ecosystem, encouraging news from Ripple Labs Inc., the connected blockchain payments company, is crucial for determining the protocol’s next growth phase.
Ripple and its affiliates have announced that they have been forming strategic alliances to strengthen their standing as a leading blockchain-as-a-service (BaaS) provider. In a recent development, HSBC added Metaco, a company that Ripple had purchased for $250 million earlier in the year, to support the expansion of its tokenized securities digital asset custody services.
These victories have the ability to positively impact XRP as a significant asset in the larger Ripple ecosystem, perhaps leading to future price increases.
