2023-10-24 02:00 |
The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.
Real Volume Amid XRP Price RallyIn the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.
Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.
Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance at this time.
There has also been an increase in the real volume on Monday, showing high levels of interest in the altcoin. Before trading hours opened on Monday, real volume was already up to $484 million, a 71% increase from Sunday’s real volume figures of $282 million.
Transaction Count Falls Below 1 MillionSince Judge Analisa Torres declared that programmatic XRP sales did not qualify as security contracts, the daily transaction counts on the XRP Ledger have been on the rise. Coupled with the surge that the XRP price underwent, the daily transaction numbers have consistently come in above 1 million.
However, this is starting to change as the XRP transaction counts have fallen below this level. According to data from BitInfoCharts, the total daily transactions over the last day have come out to 931,742 transactions. This is an increase from the October 13 local lows of 765,408 but still lower than its average over the last few months.
This could suggest that there is a lower activity in using the blockchain, although it is not a large margin. It could also coincide with investors being more focused on profit-taking due to the increase in the XRP price for now.
At the time of writing, the XRP price is seeing 24-hour gains of 1.77% to trade at $0.5272, according to data from CoinMarketCap. On the weekly chart, the altcoin is recording 5.41% gains.
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