Although it has seen marginal declines over the past few days, Ripple (XRP) has seen its trading volume near the $1 billion mark. Moreover, the interest that the asset has been attracting continues to make its eventual rally toward the $1 mark a greater reality.
Currently, the asset is trading at $0.604, down 0.93% over the last 24 hours, according to CoinMarketCap. Over the last week, the asset has seen its price drop 2% but remains up a remarkable 77% for the year. Conversely, with positive sentiment still abounding about the asset and a resolution to its SEC lawsuit in view, a track upward may well be on the cards.
Ripple (XRP) Trading Volume Nearing $1 Billion With its Price Set to Rebound
For much of this year, the digital asset industry has closely observed the performance of Ripple. The digital asset firm had been embroiled in a long-standing court conflict with the US Securities and Exchange Commission (SEC). However, positive developments amid that lawsuit have led to a rather impressive performance for the asset.
Now, as Ripple XRP has seen its trading volume near $1 billion, it may well be preparing for a rally toward the $1 mark. Currently, the greater analysis of XRP shows two different stories. Specifically, it denotes an asset that may experience a descent of sorts, before catapulting forward.
Also Read: Ripple (XRP) Price Prediction: December 2023
The relative strength index has now dropped below the 50 mark. This, combined with the 30-day moving average flattening out and potentially falling to the 200-day average, could cause a fall that could arise with a recovery forming. Conversely, the asset support level is still higher than it was in October. This could denote that the falls to come will not be intense or sustained.
Conversely, big news could shift the direction of the asset entirely. Specifically, an end to the ongoing Ripple and SEC legal conflict could push the token even higher. A closed-door meeting between the two sides took place today. Reports have suggested that a resolution in the form of a settlement was discussed.