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The broader digital currency ecosystem now appears to be stagnating daily as bull and bear actions seem to be balancing out, as seen on the XRP charts. At press time, the price of XRP has maintained stability at the $2.207 mark, with a 0.77% drawdown in 24 hours. Despite the coin’s outlook, the trading volume has maintained a bullish uptick within the same period.
XRP volume to make difference
As of press time, CoinMarketCap data pegs the volume growth rate at 21%, with the exact value at $3,330,332,832.25. Amid shifting trader sentiment, XRP volume remains one of the most reliable metrics to gauge the true state of user adoption.
The past month was filled with massive uncertainties for XRP as the price traded between two extremes. While it dropped to a low of $1.65 on April 7, it also traded at a high of $2.33 on April 28. However, despite the broader market volatility, the coin ended the month with gains.
Per data from Cryptorank, XRP ended April with growth of 4.98%, breaking a three-year cycle of negative closes. With May starting on a mildly bearish basis, how the month will shape up remains to be seen. However, history might push it to retest the month's average growth rate of 25%.
In the bullish case scenario, XRP may retest $3 in May, and should there be additional breakdown, it may hold support at the $1.65 level.
Ripple influence a factor
The performance of XRP in the trailing 30-day period does not accurately represent the true state of innovations in Ripple Labs’ ecosystem. From the acquisition of Hidden Road to the rumored $5 billion bid for stablecoin issuer Circle, Ripple Labs has continued to shape growth realities on the broader market.
In addition, the push for XRP ETF products has paved the way for future, regulated access to the coin by institutional investors. If approved by the U.S. Securities and Exchange Commission (SEC), this product might ultimately change the adoption game for XRP.
Vladislav Sopov
Dan Burgin