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The price of XRP is showing early signs of a rebound after a weeklong drawdown fueled a more than 6% loss. At the time of writing, data from CoinMarketCap shows that the 24-hour trading volume is up 87% to $4.57 billion. With this boost in XRP liquidity, the coin now has the basis to fulfill any shift in demand.
XRP price due for rebound
After the price of XRP topped $2.86 on Dec. 3, it experienced a slippery slump. While there have been intermittent growths to lower highs, the sentiment over the past week has been largely bearish.
Dan BurginHowever, the tide is changing, with a major support lifeline spotted earlier in the ecosystem. The volume boost could catalyze the long-awaited rebound. As of writing time, the price of XRP is down by 4.86% in 24 hours to $2.08. This level shows a thinning out of the coin’s large loss position.
Other metrics also point to XRP's readiness to pare off its losses on the market. XRP Open Interest, as showcased by CoinGlass, shows a 2.66% uptick, with more than 950 million XRP committed to futures trading on exchanges.
With the current outlook, XRP might have formed the needed support at the $2 price mark, with an initial target to reclaim the $2.25 resistance zone.
Fundamentals still count
More than ever, investors have the right reasons to buy and HODL XRP. The Ripple Labs ecosystem is growing amid the release of the RLUSD stablecoin. As reiterated by the firm’s executives, XRP and RLUSD will complement one another, per liquidity provisioning.
Godfrey BenjaminBeyond this, XRP Ledger is also evolving, ushering in a new series of decentralized applications (dApps) that can drive adoption into the XRP market.
While the coin’s growth might appear stunted, the prospects of an XRP ETF product offer positive optimism in the long term.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin