Ripple (XRP) Trading Volume Soars Amid Ongoing Market Turbulence

Ripple’s XRP has been one of the cryptocurrencies that has managed to maintain relative stability during the ongoing market turmoil.

In fact, it has added 0.62% to its price over the past 24 hours and remains confined to a relatively narrow range at around $0.48.

XRP trading volume increases

Data from CoinMarketCap reveals that at the time of writing, XRP trading volume has increased by a whopping 100% in the past 24 hours.

Combined with the relative stability in the price of XRP, this is based on the conclusion that the cryptocurrency’s current trading range is critical and likely to lead to a major move.

This sideways movement pattern was identified in our latest XRP price analysis:

A detailed examination of the daily chart reveals that Ripple is consolidating between the basic support at $0.47 and the crucial resistance at $0.55, with the price forming a sideways triangle pattern.

After that, the direction of the breakout is likely to determine the direction of this cryptocurrency in the medium term.

The price of XRP depends on other factors

Another important factor that may be holding back XRP prices and overall volatility is the ongoing case between Ripple and the US Securities and Exchange Commission.

The outcome will determine whether or not XRP will be classified as a security in the eyes of regulators, which is likely an important consideration for both new and existing investors.

The lawsuit is currently in its trial phase and doesn’t look like it will end anytime soon, meaning volatility will likely escape the XRP market until that happens.