2.3 Billion XRP in 24 Hours, What Just Happened?

XRP has joined the general market rebound trend as its price moved from a 24-hour low of $0.4993 to a high of $0.5213. At the time of writing, XRP has maintained 3.56% in the trailing 24-hour period, and its price is pegged at $0.5180.

One intriguing trend in the XRP trading ecosystem is the massive trading volume. This interest indicator has jumped by over 20% overnight and is pegged at $1,231,202,840. In the volume-to-price count, it implies that a total of 2,376,839,459 XRP has been traded thus far, per data from CoinMarketCap.

This massive XRP shuffled on exchanges does not also account for Over-The-Counter (OTC) trades that also account for a sizable chunk. With interest in the retail market rebooted, it sets the stage for XRP to chart a new bullish trend overall.

XRP has generally maintained the $0.52 level as formidable support it has failed to successfully breach since at least May 10. With the 2.3 billion booms in volume, the narrative might change in the short- to midterm.

Hanging on to little XRP catalysts

XRP is one of the most troubled altcoins in the top 10 lists. Unlike Bitcoin (BTC) and Ethereum (ETH), with 9.91% and 38.58% from their all-time highs (ATHs) of $73,750.07 and $4,891.70 respectively, XRP is still down from its highest level by 86.51%.

Many XRP proponents believe this undervaluation of the coin may soon change should the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reach a favorable end. While the timeline remains unknown, the community is keeping tabs on important dates for key events.

The growth of the XRP Ledger (XRPL) ecosystem is also another major catalyst that the coin’s proponents believe will boost the price in the long term.

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