XRP is fighting for balance amid the sudden shift in the broader crypto ecosystem that has seen the combined market cap slump by 0.53% to $2.53 trillion. Per CoinMarketCap’s data, XRP is changing hands for $0.5208, down marginally by 0.6% in 24 hours.
XRP volume crunch
As one of the most-ranked digital currencies in the market, XRP has suffered a major dip in retail interest as showcased by the trading volume. This metric has plummeted by 28.94% in 24 hours with a total of $829,420,699 shuffled across the board. This XRP trade amounted to over 1.5 billion coins traded.
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The volume is quite low compared to the regular XRP record where almost double of this supply changes hands in a 24-hour period. This dampened sentiment presents two contrasting scenarios for the future price of the digital currency. First, the low volume might be a cautionary switch for both retail and XRP whale investors amid a general bearish market.
In this instance, a revival in accumulation or trading activities and ultimately a price surge is imminent when conditions are optimal. Also, this slump in volume might be a cool-off period from the ecstatic price trends recorded in May.
Per data from Cryptorank, the coin surged by 3.17% to sustain the streak from 2023 when it ended the month with 9.84% growth.
Hurdle ahead
XRP is in uncharted territory and it has been trading at a very close range over the past month. It recorded a low of $0.4879 to a high of $0.5689. This is not a very strong wall to break free from, however, XRP has historically traded negative in June.
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While the conditions are more favorable this time around, hurdles surrounding its legal constraints might be required before a convincing breakthrough is recorded.