XRP, the fourth-largest cryptocurrency by market capitalization, has shown indications of recovery after two consecutive days of losses on Wednesday and Thursday, rebounding during Friday’s trading session and carrying that momentum into early Saturday. XRP rose to $2.192 on Friday after finding support at $2.08.
Over the past 24 hours, XRP is up 2.18%, currently trading at $2.18, providing some respite to holders after the recent drop.
However, while price action appears encouraging, a significant drop in trading volume is generating concerns in the market. According to CoinMarketCap data, XRP’s 24-hour trading volume has dropped 48.96%, reaching $1.76 billion.
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While XRP’s price action has regained ground, resistance remains in the $2.50-$2.60 range. The market remains cautious, with traders looking to the potential ETF decision as a trigger for a fresh breakout.
Is it concerning?
XRP‘s week-long price movement was impacted by a combination of fundamental developments and market speculation. China-based Webus International announced plans to build a $300 million XRP-focused corporate treasury, as per SEC filing.
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Ripple recently won approval from Dubai regulators for its RLUSD stablecoin, a positive development for the XRPL ecosystem.
Meanwhile, the market awaits a decision on Franklin Templeton’s proposed spot XRP ETF, which is due on June 17. Approval may attract significant institutional inflows, potentially affecting XRP liquidity.
Technically, a decisive break above the daily moving averages of 50 and 200 at $2.26 and $2.34 would be watched for XRP to advance its move. XRP remains within a symmetrical triangle formation, indicating potential breakout scenarios if volume increases and resistance is broken.
