Real Volume Amid XRP Price Rally
The XRP price has experienced a rapid increase, surpassing the $0.53 mark over the weekend. During this price rally, an interesting pattern has emerged in terms of real volume. The trading volume has spiked at various price points, particularly during XRP price spikes.
This indicates a high level of interest in the altcoin, with eager investors ready to buy up the available supply and defend the price. The bulls have been dominant during these times, successfully maintaining support for the price. Even when there was a dip to $0.51, bullish investors quickly brought the XRP price back up.
On Monday, there was another increase in real volume, indicating continued high levels of interest in XRP. Before trading hours opened, real volume had already reached $484 million, a 71% increase compared to Sunday’s figures of $282 million.
Transaction Count Falls Below 1 Million
Following Judge Analisa Torres’ declaration that programmatic XRP sales do not qualify as security contracts, daily transaction counts on the XRP Ledger have been rising. However, this trend is starting to change as transaction counts have fallen below 1 million.
According to data from BitInfoCharts, the total daily transactions over the last day amounted to 931,742 transactions. Although this is an increase from the local lows on October 13, it is still lower than the average over the past few months.
This could indicate lower activity on the XRP blockchain, potentially due to investors focusing more on profit-taking amidst the price increase. However, the margin is not significant.
Hot Take: XRP Price Continues to Rise Amidst High Interest
As the XRP price rally continues, the altcoin has experienced a surge in real volume, indicating strong interest from investors. The bulls have been able to maintain support for the price even during dips, suggesting their dominance in the market.
On the other hand, daily transaction counts on the XRP Ledger have fallen below 1 million, potentially due to investors prioritizing profit-taking. Despite this, the XRP price is still showing gains and remains above the $0.53 mark.
Overall, it seems that XRP is attracting attention and investment, with both price and volume indicators pointing towards a positive trend for the altcoin.
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