XRP’s price has shown early signs of a rebound after a weeklong drawdown, fueled by a significant increase in trading volume. As of writing, the 24-hour trading volume is up 87% to $4.57 billion, with the coin now poised to fulfill any shift in demand.
The XRP price topped $2.86 on Dec. 3 but experienced a slump thereafter, with intermittent growths to lower highs. However, sentiment has been largely bearish over the past week. The tide is changing, with a major support lifeline spotted earlier in the ecosystem, which could catalyze a long-awaited rebound.
The price of XRP is currently down by 4.86% in 24 hours to $2.08, but this level marks a thinning out of the coin’s large loss position. Other metrics also point to XRP’s readiness to pare off its losses on the market. XRP Open Interest has shown a 2.66% uptick, with more than 950 million XRP committed to futures trading on exchanges.
Fundamentals remain strong for XRP, with the Ripple Labs ecosystem growing amid the release of the RLUSD stablecoin. The integration of XRP and RLUSD is expected to boost liquidity provisioning. Additionally, XRP Ledger is evolving, driving adoption into the XRP market through decentralized applications (dApps). While growth may appear stunted, a potential XRP ETF product offers positive long-term optimism.
It’s essential for investors to conduct their own research and consult with financial experts before making any investment decisions.
Source: https://u.today/xrp-volume-skyrockets-87-will-price-follow