XRP has seen its volume drop by 66% over the last 24 hours, causing concern in the market. XRP trading volumes fell to $2 billion, down 66% over the past 24 hours, according to CoinMarketCap data.
This may be a concern, but if you have low trading volumes on weekends, it may not be too far from standard.
Despite the decline in volume, XRP ended significant whale activity in the week. Given that whales are still in the market, the decline in volume may not be a source of concern.
On September 5th, Whale Alert reported a 49,999,989 XRP movement worth $140,841,434 among unknown wallets. A total of 250,000,000 XRP worth $703,901,147 has also been transferred from Ripple to an unknown wallet. On September 3rd, 50,000,010 XRP worth $140,699,855 was transferred from an unknown wallet to a new unknown wallet.
Price warning?
The decline in volume could be traders waiting on the sidelines to become clear in the new week before taking their position, and may not necessarily be a price warning.
XRP prices have increased 3.03% over the last 24 hours and are trading at $2.89 despite volume declines. XRP has surged sharply to $2.92 in the session earlier Sunday, extending its recovery from its $2.69 low from September 1st.
A break and closing that surpasses the SMA 50 daily at $3.04 could clear the $3.40, $3.66 rise path. Meanwhile, if it falls below $2.69, your XRP could drop to $2.20.
In recent news, Bitwise has listed five new Crypto ETPs for six Swiss exchanges. This includes Bitwise Physical XRP ETP (GXRP).
