The crypto market is gradually undergoing bearish consolidation. However, coins like XRP are pushing for new rebound attempts. In the last 24 hours, the XRP price has dropped by 1.69% to $2.33, but with a positive shift in the total traded volume on top crypto exchanges. This positive shift in XRP metrics proves a potential rebound is ahead.
XRP volume shifts bullish shift
According to data from CoinMarketCap, the XRP trading volume has jumped by 50.50% in 24 hours. With this uptick, the coin has seen 1,801,848,676 XRP, valued at over $4.19 billion traded within this period.
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XRP now effectively ranks as the third most traded asset besides stablecoins, a sign that market stakeholders might be ready to stage a rebound. XRP network activities have remained elevated over the past week. As reported earlier by U.Today, the XRP price gained momentum after a series of market downturns in the past week.
While the current price drawdown has derailed its growth course, experts consider it a mid-rebound correction. As of press time, XRP has retained a 9.26% growth in the trailing seven-day period, suggesting a generally positive short-term outlook.
Bullish trend to resume this week?
After the breakdown of the relief rally from the past week, XRP price is poised for a defined comeback. While igniting a solo rally appears difficult considering broader market uncertainty, key fundamentals within the ecosystem can help the coin stage resilience.
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For instance, the growing hype around XRP ETF remains a major tailwind that can impact price in the long term. Market updates in the past week reveal the U.S. SEC delayed the Grayscale XRP ETF filing. Analysts agree this will not impact its approval in the long run.
Overall, XRP has outperformed Ethereum in Fully Diluted Valuation (FDV), signaling its rebound strength against its core rivals.
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