XRP has experienced a noticeable drop in trading volume, reflecting broader cryptocurrency market conditions and typical weekend slowdowns.
XRP Trading Volume Decline
XRP's trading volume fell from over $50 million to $31 million, marking a 37% decrease. This drop occurred during the weekend, a time often characterized by higher volatility and lower liquidity in cryptocurrency markets.
Technical Analysis and Price Support
Despite the volume drop, XRP's price has been maintained at $3.18 following a correction from a local high of $3.70%. Technical indicators suggest that the bullish structure remains intact. The RSI stands at 62, indicating a possible cooling of buying pressure, while EMAs affirm the longer-term upward trend.
Market Activity and Its Impact on XRP
The decline in volume has also been observed among other leading cryptocurrencies like Bitcoin and Ethereum, suggesting that the decline in activity is not unique to XRP. On-chain data shows a minor capital outflow, indicating an overall market breather.
It is crucial for XRP to maintain trading above $3.00 and recover trading volume mid-week. This could provide an opportunity for price growth following periods of consolidation.
