Ripple (XRP) trading volume increases amid ongoing market turbulence

Ripple’s XRP has been one of the cryptocurrencies that managed to maintain relative stability during the ongoing market turbulence.

In fact, over the past 24 hours, it has added 0.62% to its price and remains stuck in a relatively tight range around $0.48.

XRP trading volume increases

Data from CoinMarketCap reveals that, at the time of writing, XRP trading volume has increased by 100% over the past 24 hours.

Along with the relative stability in the price of XRP, this is based on the conclusion that the cryptocurrency’s current trading range is crucial and likely to lead to a considerable move.

This sideways movement pattern was described in our most recent XRP price analysis:

A close examination of the daily chart reveals that Ripple has consolidated between the substantial support at $0.47 and the crucial resistance at $0.55, with the price forming a sideways triangle pattern.

Subsequently, the direction of the breakout is likely to determine the medium-term trend of this cryptocurrency.

The price of XRP depends on other factors

Another major factor that could be suppressing the price and volatility of XRP in general is the ongoing case between Ripple and the United States Securities and Exchange Commission.

The outcome will determine whether or not XRP will be classified as a security in the eyes of regulators, which is likely to be an important consideration for new and existing investors alike.

The demand is currently in a testing phase and doesn’t look like it will end anytime soon, meaning volatility is likely to elude the XRP market until that happens.

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