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The market is in a general bullish consolidation, with the XRP price in the spotlight. After a week of volatility, the price of XRP touched a low of $2.20; the tide is now changing in line with the rebound in the coin’s trading volume. At the time of writing, XRP volume has skyrocketed by 65.38% in 24 hours to $2.89 billion.
XRP massive rebound imminent
The massive uptick in XRP trading volume is a testament to the renewed optimism on the market.
Arman ShirinyanOver the weekend, U.Today reported a major 2.7 million transaction milestone recorded by an uptick in XRP transactions. This milestone is evident of the renewed bullish outlook in the coin amid a push for a rebound.
At the time of writing, the price of XRP was changing hands for $2.461, up by 2.77% in the past 24 hours and by more than 4.9% in the past week. Should XRP’s trading volume and general price momentum continue, it might retest the $3 mark in the short term.
XRP is gradually paring off its losses over the trailing 30-day period, as the year-to-date (YTD) growth touched 6%.
Major catalysts to watch out for
XRP is not the only altcoin in rebound mode. The general market is looking healthy, drawing strength from Bitcoin, which saw a 150 BTC investment from Metaplanet.
Alex DovbnyaHowever, XRP is charting its growth based on personalized ecosystem fundamentals overall. While the clamor for an XRP ETF remains on the horizon, the enhancements XRP Ledger (XRPL) has seen in recent times are also fueling long-term optimism for the coin.
The end of the Ripple Labs and SEC lawsuit also forms a major tailwind that might be reflected in XRP's performance. The immediate resistance level rests around the $3 zone, and if the coin breaches this level, it might rally to reclaim its all-time high.
Vladislav Sopov
Dan Burgin