XRP Trading Volume Dips: Analyzing the Latest Crypto Market Trends

Crypto Markets Witness Profit-Taking, XRP Sees Decline

The crypto markets experienced a bout of profit-taking in the early Thursday session, with XRP falling 1.61% in the last 24 hours to $2.21 as selling pressure arose.

According to CoinMarketCap data, XRP has seen a trading volume of just $1.97 billion in the last 24 hours, a 20% decrease from previous daily activity. While the drop in volume is significant for a coin that used to trade between $3 billion and $6 billion, it remains to be seen whether this is a temporary breather or the start of a larger slowdown.

Historical Trends and Current Market Dynamics

According to 10x Research, June is often a mixed-to-negative month for major cryptocurrencies. Over the last 10 years, Bitcoin has averaged a 1.9% return in June, evenly split between five positive and five negative occurrences, with XRP performing even worse.

Following a four-day rise since May 31 that reached highs of $2.28, XRP saw profit-taking in Wednesday's trading session. Currently, resistance is in the $2.265-$2.270 range, with repeated unsuccessful breakout attempts and above-average volume confirming sellers' dominance. Support has emerged in the $2.10-$2.15 range, but this level may be tested further if selling continues.

Positive Developments in the XRP Ecosystem

• China-based Webus filed with the SEC on Wednesday, announcing plans for a $300 million fundraising effort, including a significant amount committed to establishing an XRP strategic reserve.
• Coinbase has launched wrapped versions of XRP on its layer-2 platform, Base, enabling DeFi opportunities. The wrapped XRP coin, cbXRP token, is backed 1:1 by native coins, with its market cap reaching over $5 million within 24 hours.