As a seasoned researcher with years of experience in the cryptocurrency market under my belt, I can’t help but feel a mix of apprehension and excitement when observing XRP‘s current volatility. The rollercoaster ride it’s been on is not for the faint-hearted, that’s for sure!
The price fluctuations of XRP have persisted, causing a dip after it dropped from a 24-hour high of $2.72 down to $2.361. In response, the Open Interest in XRP Futures declined by more than 12% during that timeframe, as reported by CoinGlass. However, even with this decrease, the total amount of XRP tied up in these futures contracts is on the rise again, currently standing at over 1.6 billion XRP.
Big money bets is good for XRP
Currently, XRP is decreasing by 4.56% to reach $2.57. Even with a trading volume exceeding $34 billion, the drop of 34% in this figure demonstrates a change in investor sentiment compared to its 24-hour high price.
The price of XRP deviated from its bullish trend when the South Korean market, a key provider of retail liquidity for the coin, temporarily shut down due to the declaration of martial law. As the asset was approaching its record high ($3.84), its price experienced a sudden correction or adjustment.
As smaller investors temporarily withdraw from the market, professional traders are filling the gap to keep optimism alive. On the XRP/USDT daily chart, it’s clear that the Relative Strength Index at 87 indicates that XRP’s bullish momentum has yet to subside significantly.
Large investors (XRP whales) are contributing to maintaining a positive purchase attitude, while the ecosystem adopts a wait-and-see stance.
Focus on functionality
Due to the current lower price of XRP compared to its value at the beginning of the week, there’s been a slow transition in its overall usefulness or perceived value.
As improvements are rolled out on the XRP Ledger protocol, applications that have potential to increase demand for the coin are receiving a timely enhancement. Additionally, Ripple Labs is nearing the launch of its RLUSD stablecoin.
By enhancing its liquidity, this stablecoin aims to strengthen XRP’s performance in niche trading markets. The company is nearly done with the process of obtaining a New York license, which could expedite the coin’s release.
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2024-12-04 18:37