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.
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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%.
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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.
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