In an unexpected development, XRP has seen a significant decrease in trading volume, leaving the market participants in a state of speculation.
According to Coinmarketcap data, the XRP volume has decreased by 24 % in the past 24 hours, reaching $ 1.78 billion XRP. For XRP, which hovers the trading volume that is recently hovering between $ 3 and $ 5 billion ($ 3.5 billion in XRP per week was reported), the number of $ 1.78 billion is a noticeable decrease.
Although the exact cause of the decline is still unknown, there may be some explanations. The encryption market is currently witnessing a simple profit with many encryption assets, including XRP, in red. When the market morale turns caution or declining, the trading volume of many assets, including XRP, tends to decrease.
Traders seem to follow an approach to waiting and monitoring amid the anticipation of volatility before the Federal Reserve Policy meeting next week on May 6 and 7. The markets are widely expected that the Federal Reserve will leave the short -term borrowing rate at this meeting, while they are priced in a quarter of a percentage in June with two or three others to follow the end of the year.
The last uniformity of XRP may have contributed to the low trading volume. Although the price of XRP has remained relatively stable, it has become not exciting recently, which may contribute to slowing trading.
What is the following for the XRP price?
At the time of writing this report, XRP has decreased by 0.22 % in the past 24 hours to $ 2.2, which reflects the slight decrease in the broader encryption market.
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While XRP is currently fighting to stay higher than the daily SMA 50 at $ 2.187, the positive is that the bulls have not surrendered yet.
RSI is not the center point of the middle point a clear advantage for bulls or bears. Buyers will bear control of a break and close at $ 2.6, which may pave the way for a $ 3.
On the contrary, SMA Daily SMA 50 can be drowned to support at $ 2 near Daily SMA 200. This is the decisive level to monitor less than two dollars can pull the price of XRP to $ 1.61.
