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XRP on Verge of Comeback After Losing Post-Ruling Gains

Tue, 09/05/2023 - 14:45
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Tomiwabold Olajide
XRP metrics remain encouraging despite surrendering post-ruling gains
XRP on Verge of Comeback After Losing Post-Ruling Gains
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Kaiko, a crypto research firm, noted that XRP has failed to keep its post-ruling gains and is down by more than 25% in August, underperforming the top altcoins.

XRP surged in July after a U.S. court determined that it is not a security when traded on secondary markets. But it has since struggled to maintain its gains. In August, the price of XRP fell by more than 25%, underperforming the leading altcoins as traders took profits.

In a recent research report, Kaiko explains why XRP has failed to maintain its gains. According to the average share of sell volume for XRP, Upbit, the largest Korean Exchange, and OKX saw the strongest selling pressure, while buying was higher on Coinbase throughout the past month.

Is XRP on verge of comeback?

Markets retreated toward the weekend after the SEC postponed a decision on several ETFs until October. XRP has also retreated and is still trading lower at the time of this writing. XRP has increased by 0.15% in the last 24 hours to $0.502.

XRP has returned to its tightest range in weeks, trading in a consolidation pattern similar to the one that preceded its huge spike on July 13, just after the verdict in the lawsuit.

XRP is currently battling to find footing above the daily MA 200, currently at $0.51, which holds the key to further advances for the crypto asset. If bulls overcome the immediate hurdle at $0.51, the $0.62 level may come into focus.

4.8 Billion XRP Marks Highest On-Chain Transaction Volume in Months

However, despite the summer lull, Kaiko observed a positive development for XRP, which witnessed considerably greater trading activity than other altcoins.

In the previous month, XRP averaged $462 million in transaction volume, which was four times larger than the next two largest altcoins by trading volume, SOL and BNB, which had $128 million and $121 million, respectively.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.