$11.18 Billion in XRP Trading Volume, Is Price Ready for Rebound?
Godfrey Benjamin XRP major metrics rebounding after epic sell-off Cover image via U.TodayDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Different coins are bleeding red on the broader cryptocurrency market as most have crashed below critical support levels. XRP has followed the same trajectory, losing about $0.43 within the last 24 hours of trading activities.XRP trading volume soars amid price dipHowever, XRP’s trading volume soared within the same period, fueled by renewed investor interest. According to CoinMarketCap data, interest in XRP has risen by 265.68% to $11.18 billion. Related This surge indicates market participants remain optimistic about the token's future outlook. Analysts say it signals that many investors are taking advantage of the slight drop in price to accumulate the coin before it rebounds.Financial experts insist that XRP, which lost as much as 10% of its price, might have begun its recovery journey. Notably, XRP dipped to a low of $2.71 in earlier trading before climbing to its current levels, driven by market interest.XRP 1D Chart. Source: CoinMarketCapSome stakeholders remain hopeful that if the asset sustains the current momentum and reclaims $3.25, it could retest the elusive $4 mark.XRP hit an all-time high of $3.84 seven years ago. Ever since, breaching that level has been difficult for the coin. However, with that mark less than 30% away, anticipation of its possibility has again grown.Ripple CEO to address community amid strategic reserve debateMeanwhile, the XRP community looks forward to the latest development from Brad Garlinghouse, Ripple CEO. Garlinghouse is set to address the community on X Spaces on Jan. 28, where he will reveal his vision for 2025. Related Ripple’s push for XRP’s inclusion in the U.S. crypto strategic reserve has triggered a hot debate in the broader crypto industry. Many consider the move to be a bad idea for the crypto industry.Ryan Selkis, founder of Messari, was one of the leaders who moved against the plan. According to Selkis, Bitcoin is the only cryptocurrency with wide acceptance and worthy of a strategic reserve. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles