Amid the ongoing consolidation of the majority of the cryptocurrency market, XRP is recording increased daily trading activity, pushing the cryptocurrency toward the very top of the list of the most traded crypto assets, even overtaking some with a higher market capitalization.
Specifically, crypto traders and investors have transferred 1,489,500,834 XRP tokens worth around $729 million in the last 24 hours, indicating an increase of over 15%, according to the latest information retrieved by Finbold from the crypto monitoring platform CoinMarketCap on July 13.
Notably, the daily amount of traded XRP is higher than that of Binance Coin (BNB), which is a larger cryptocurrency than XRP by market capitalization but has recorded a volume of $449 million worth of BNB (1,825,919 BNB) transacted across crypto exchanges during the same time.
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What it means
All things considered, the trading volume of a crypto asset does not directly influence its price but rather refers to the activity of traders in buying and selling it. For instance, in the case of XRP, it could indicate whales are selling it as the cryptocurrency continues to trade sideways.
On the other hand, its price remaining above the critical $0.47 level might suggest that whales are in the ‘hodl’ mode, taking the chance to accumulate more XRP before its price rallies again – considering its 4-hour relative strength index (RSI) has risen above 50, according to the data from the finance and crypto analytics platform TradingView.
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.4733, recording a decline of 0.12% on the day and dropping 0.24% across the previous week, as well as losing 12.07% to its value in the last month, as the latest charts indicate.
Indeed, XRP could improve its price in connection with the developments surrounding the lawsuit that the United States Securities and Exchange Commission (SEC) has filed against blockchain company Ripple, the outcome of which could set the course for both XRP and the rest of the industry.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
