In the past 24 hours, XRP has experienced a notable decline in trading volume, dropping by 66%. According to data from CoinMarketCap, the trading volume for XRP fell to $2 billion. This significant decrease has raised concerns among market participants, although some analysts suggest the decline could be typical for a weekend period when trading activity often slows.
Despite the lower trading volume, there has been considerable whale activity over the past week, indicating that larger investors continue to engage with the market. On September 5, Whale Alert tracked the transfer of 49,999,989 XRP, valued at approximately $140.8 million, between unidentified wallets. Additionally, a substantial transfer of 250,000,000 XRP, worth around $703.9 million, was noted moving from Ripple to an unknown wallet. Earlier, on September 3, another large transaction involving 50,000,010 XRP, valued at $140.7 million, was reported between unknown wallets.
The current drop in trading volume may also reflect a wait-and-see attitude among traders who are seeking clarity as the new week begins, rather than signaling an impending price decline. Notably, XRP’s price has shown resilience, increasing by 3.03% over the last 24 hours to reach $2.89. The cryptocurrency had peaked at $2.92 during the early hours of the Sunday session, continuing its recovery from a low of $2.69 recorded on September 1.
If XRP manages to close above the daily SMA 50 at $3.04, analysts suggest this could pave the way for further upward movement, potentially targeting $3.40 and $3.66. Conversely, should the price dip below $2.69, it could lead to a decline towards the $2.20 level.
In related developments, Bitwise has expanded its offerings by listing five new crypto exchange-traded products (ETPs) on the Six Swiss Exchange, including the Bitwise Physical XRP ETP (GXRP). This new product allows investors to gain exposure to XRP in a manner similar to traditional exchange-traded funds (ETFs), further integrating XRP into mainstream investment channels.
