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$XRP joined altcoins in the latest round of sell-offs, which saw more than $698 million liquidated from the market. $XRP is one of the most liquidated coins in the past 24 hours, with $16.88 million lost by traders, per CoinGlass data. Amid these, $XRP has maintained a massively bullish volume outlook.
$XRP traders get active as price offers discount
At the time of writing, the price of $XRP was pegged at $2.321, down by 6.39% in the past 24 hours. Rather than demotivating traders, this price slash only made them more active. Per data from CoinMarketCap, the trading volume jumped by 111% over the past 24 hours, with the dollar valuation coming in at $8.81 billion.
This unusual twist proves there is enough liquidity in the $XRP market to satisfy enough demand from futures and retail traders. Notably, this volume boost can serve as a springboard to drive a rebound for the $XRP price.
Over the past month, $XRP has remained a core driver of the altcoin showdown over the past week. The coin has grown by 10.3% in the past week and has pared off its monthly losses to 2.8%.
With current trading activity, the price of $XRP may soon witness a rebound, with other ecosystem factors backing growth.
$RLUSD stablecoin factor
Since the launch of $RLUSD stablecoin, the emphasis on the liquidity for $XRP trading pairs within the $XRP Ledger has increased. While the stablecoin’s market cap is still below the $100 million threshold, its daily volumes, according to market data aggregators, have jumped by more than 290%.
Beyond the $RLUSD factor, $XRP whales are also active on the market, emphasizing how the coin is attractive to multiple segments of the demand source. Overall, the $XRP Ledger ecosystem is working in unison, with experts projecting an $XRP breakout price in the long term.