The thrill of XRP’s recent victories came to a screeching halt as trading volume plummeted by a staggering 51.37% in just 24 hours, dropping to $4.52 billion. Despite the market’s bullish whispers about an impending altcoin season, XRP traders seemingly hit the snooze button, leaving the crypto world scratching its collective head.
The plot thickens when you consider XRP’s earlier triumph – a jaw-dropping 400% volume surge to $19.97 billion on January 28. Talk about a rollercoaster. The price, however, remains surprisingly stable at $2.42, barely flinching at 0.16% up. It’s like watching a poker player with an incredible poker face. Traders with premium accounts can access detailed historical data to better analyze these trends.
Meanwhile, Coinbase is having its own party. The exchange saw an eye-popping 9,640% volume spike, reaching $438 million. Someone’s clearly been busy.
But here’s where it gets interesting – the on-chain payment volume tells a different story, taking a nosedive from 1.49 billion to 200 million transactions. That’s an 87% drop. Ouch.
The DEX scene offers a glimmer of hope, with the XRP Ledger’s decentralized exchange racking up $400 million in January trading volume. Not too shabby for a market that’s supposedly cooling off. Daily averages hover around $17 million, suggesting that while the main stage might be quiet, the side shows are still running. The recent Cboe ETF filings from multiple asset management firms could inject fresh momentum into the market.
Currently perched at a $150 billion market cap, XRP maintains its position as the third-largest cryptocurrency. The price is dancing between support at $2.20-$2.33 and resistance at $2.50, like a cautious tightrope walker.
After touching $3.20 in January, the recent pullback has traders wondering if $2.40 marks a new chapter or just another pit stop. This pattern aligns with typical bear market duration of 9-12 months, suggesting a potential market phase transition.
The volume decline mirrors similar patterns in other major cryptocurrencies, suggesting this might be less about XRP specifically and more about broader market dynamics. Sometimes, even the biggest players need to catch their breath.
