Recent network data shows that XRP has fallen below the key threshold of 500 million in transaction volume, which may indicate a slowdown in network activity.
Current XRP Transaction Volume
As of May 17, XRP's transaction volume stands at 490 million. This figure is significant as the 500 million mark has previously served as a benchmark for both activity and investor psychology within the XRP Ledger.
Technical Levels and Support
XRP is currently trading at approximately $2.38 and is facing technical challenges at the 26-period exponential moving average, which may serve as both support and a battleground for trend continuation.
Future of XRP and Key Factors
For XRP's short-term future, regaining volume leadership and maintaining support above $2.30 are crucial. Otherwise, if this support is broken, XRP may drop to $2.00 where the 100 EMA provides stronger support.
Volume recovery and price level maintenance will be key determinants for XRP. In the absence of these conditions, the bullish scenario will be under threat.
