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XRP joined altcoins in the latest round of sell-off, which saw more than $698 million liquidated from the market. XRP is one of the most liquid coins in the last 24 hours, with traders losing $16.88 million, per Coinglass data. Amidst these, XRP has maintained a significant bullish volume outlook.
XRP traders are active as the price offers a discount
At the time of writing, the price of XRP is tied At $2.321, down 6.39% over the past 24 hours. Instead of discouraging traders, this drop in prices made them more active. According to data from CoinMarketCap, trading volume jumped 111% over the past 24 hours, with the dollar's valuation reaching $8.81 billion.
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This unusual development proves its existence Sufficient liquidity In the XRP market to meet sufficient demand from futures and retail traders. Notably, this increase in volume could serve as a starting point to stimulate a recovery in the XRP price.
Over the past month, XRP has remained the primary driver of the altcoin showdown over the past week. The coin grew by 10.3% in the past week and trimmed its monthly losses to 2.8%.
With the current trading activity, the price of XRP may see a recovery soon, with other ecosystem factors supporting growth.
RLUSD stablecoin factor
Since launch RLUSD stablecoinIncreased focus on the liquidity of XRP trading pairs within the XRP Ledger. While the stablecoin's market capitalization is still below the $100 million threshold, its daily volumes, according to market data compilers, have jumped by more than 290%.
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Beyond the RLUSD factor, XRP whales Also active in the market, which confirms how attractive the currency is to multiple segments of the source of demand. Overall, the XRP Ledger ecosystem is working in perfect harmony, with experts predicting a rise in the price of XRP in the long term.
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