XRP Price Prediction as Trading Volume Drops 10.2% – Is the Market Losing Interest?

cryptonews.com:

The XRP price has climbed by 5% in the past 24 hours, rising to $0.632301 on a day when the cryptocurrency market as a whole has made a similar gain.

Despite this rise, XRP is actually flat in a week and down by 3% in the last 30 days, with the coin’s trading volume having dropped by more than 10% in the past week.

This suggests a slight medium-term loss of interest in the altcoin, yet with the market potentially gearing up for a bull rally as 2023 ends and 2024 begins, XRP could easily surge again soon enough.

While XRP has risen today, its indicators suggest that it will need to recover some more before we can truly say it’s rallying again.

For instance, its RSI (purple) remains only just above 50, having recovered slightly in the past few days from earlier losses.

Likewise, XRP’s 30-day average (yellow) still looks fairly flat and quite fragile, such that it could easily begin descending towards the 200-day average (blue) in the next few days.

In other words, strong buying pressure still isn’t with XRP, which may see a few more wobbles over the next couple of weeks before it makes a concerted recovery.

Also posting in this direction is the coin’s trading volume, which from around $2 billion at the start of the week is now standing at $1.3 billion.

On top of this, transfers recorded in the past day or so have shown whales moving XRP to exchanges, likely in preparation to sell.