u.today
$XRP has joined the general market rebound trend as its price moved from a 24-hour low of $0.4993 to a high of $0.5213. At the time of writing, $XRP has maintained 3.56% in the trailing 24-hour period, and its price is pegged at $0.5180.
One intriguing trend in the $XRP trading ecosystem is the massive trading volume. This interest indicator has jumped by over 20% overnight and is pegged at $1,231,202,840. In the volume-to-price count, it implies that a total of 2,376,839,459 $XRP has been traded thus far, per data from CoinMarketCap.
This massive $XRP shuffled on exchanges does not also account for Over-The-Counter (OTC) trades that also account for a sizable chunk. With interest in the retail market rebooted, it sets the stage for $XRP to chart a new bullish trend overall.
$XRP has generally maintained the $0.52 level as formidable support it has failed to successfully breach since at least May 10. With the 2.3 billion booms in volume, the narrative might change in the short- to midterm.
Hanging on to little $XRP catalysts
$XRP is one of the most troubled altcoins in the top 10 lists. Unlike Bitcoin (BTC) and Ethereum (ETH), with 9.91% and 38.58% from their all-time highs (ATHs) of $73,750.07 and $4,891.70 respectively, $XRP is still down from its highest level by 86.51%.
Many $XRP proponents believe this undervaluation of the coin may soon change should the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reach a favorable end. While the timeline remains unknown, the community is keeping tabs on important dates for key events.
The growth of the $XRP Ledger (XRPL) ecosystem is also another major catalyst that the coin’s proponents believe will boost the price in the long term.