ripple (XRP) Trading Volume Rises Amid Ongoing Market Turbulence
Ripple‘s XRP has been one of the cryptocurrencies that has managed to maintain relative stability during the ongoing market turbulence.
In fact, its price is up 0.62% in the last 24 hours and remains stuck in a relatively narrow range around $0.48.
XRP Transaction Volume Is Rising
Data from CoinMarketCap reveals that, at the time of writing, XRP trading volume has increased by a whopping 100% in the last 24 hours.
This, coupled with the relative stability in XRP’s price, leads to the conclusion that the cryptocurrency’s current trading range is very significant and will likely lead to a significant move.
This sideways movement pattern was outlined in our latest XRP price analysis:
Subsequently, the direction of the breakout will likely determine the medium-term trend of this cryptocurrency.
XRP Price Depends on Other Factors
Another major factor suppressing the price and volatility of XRP in general is the ongoing litigation between Ripple and the United States Securities and Exchange Commission.
The outcome will determine whether XRP will be classified as a security in the eyes of regulators, which is likely an important consideration for new and existing investors alike.
The case is currently in the trial phase and doesn’t look like it’s going to end anytime soon, which means volatility in the XRP market will likely disappear until that happens.
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