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XRP is fighting for balance amid the sudden shift in the broader crypto ecosystem that has seen the combined market cap slump by 0.53% to $2.53 trillion. Per CoinMarketCap’s data, XRP is changing hands for $0.5208, down marginally by 0.6% in 24 hours.
XRP volume crunch
As one of the most-ranked digital currencies in the market, XRP has suffered a major dip in retail interest as showcased by the trading volume. This metric has plummeted by 28.94% in 24 hours with a total of $829,420,699 shuffled across the board. This XRP trade amounted to over 1.5 billion coins traded.
The volume is quite low compared to the regular XRP record where almost double of this supply changes hands in a 24-hour period. This dampened sentiment presents two contrasting scenarios for the future price of the digital currency. First, the low volume might be a cautionary switch for both retail and XRP whale investors amid a general bearish market.
In this instance, a revival in accumulation or trading activities and ultimately a price surge is imminent when conditions are optimal. Also, this slump in volume might be a cool-off period from the ecstatic price trends recorded in May.
Per data from Cryptorank, the coin surged by 3.17% to sustain the streak from 2023 when it ended the month with 9.84% growth.
Hurdle ahead
XRP is in uncharted territory and it has been trading at a very close range over the past month. It recorded a low of $0.4879 to a high of $0.5689. This is not a very strong wall to break free from, however, XRP has historically traded negative in June.
While the conditions are more favorable this time around, hurdles surrounding its legal constraints might be required before a convincing breakthrough is recorded.