In the last 24 hours, the XRP has made an incredible increase in the volume of transaction in Coinbase. According to Coings data, XRP’s trading volume increased by 9.640 %to $ 438 million. This big leap shows that investors want to benefit from price movements and are trying to evaluate the opportunities on the market. Increasing volatility in the market led investors to rearrange their positions. In addition, Fox Business Reporter Eleanor Terett said XRP can be presented to investors as Depository Receipts (DR). This development can create an important bridge between traditional finance and crypto market.
What does the explosion in the XRP transaction volume mean?
This gigantic transaction volume increase in the recent period reveals the changing investor behaviors in the market. Traders reorganize their positions, especially by reacting to their latest price fluctuations. Ripple Depository Recepts (DR) news has increased the interest of investors even more.
XRP DR’s will work like the American Depository Receipts, just representing the shares of foreign companies. In this way, investors will have the XRP without having to buy directly from a crypto currency exchange. This method is seen as an important step to strengthen the connection between traditional finance (tradfi) and decentralized finance (defi).
Ripple price analysis: Important resistance levels
The Ripple price is currently trading at $ 2.42 and this week has decreased by 19 %. The price rising up to $ 2,54 on Friday failed to exceed the 50 -day mobile average (SMA) level in $ 2.62. This level has become an important obstacle to the price by turning from support to resistance. If the XRP can recover the $ 2.62 level as support, it can aim to reach the level of $ 3 again. Alternatively, the price can be consolidated among the moving averages between $ 1.32 and $ 2.62. In the decline scenario, the price can seek support at $ 2. If this support is lost, the possibility of further decrease for XRP may be on the agenda.
XRP’s performance in the coming days will continue to attract the attention of both corporate investors and retail investors.
