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Analyzing XRP’s dismaying performance despite a surge in its trading volume

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XRP: Closing Friday with a rapid surge in trading volume, you should know this...
Source: Unsplash

Ripple’s XRP closed the week with an interesting jump in its trading volume in the final trading hours of 15 July. As per data from Santiment, the token registered a surge of up to 18.7 billion in its trading volume. Interestingly, despite the late uptick in trading volume on the 24-hour chart, the performance of the XRP token hinted at something different. 

Welp, the price declined

Exchanging hands at $0.334 per XRP token at the time of writing, a 1.48% decline in price was recorded in the last 24 hours. Despite the late surge in trading volume on 15 July, on a 24-hour window period, the XRP token saw an 86.72% decline in its trading volume. 

Additionally, in spite of the slight decline in price, a steady accumulation of the XRP token was underway in the last 24 hours. At the time of writing, the Relative Strength Index (RSI) was in an upward trend at 48.86. The Money Flow Index (MFI) on the other hand was housed above the 50 neutral spots at the 67.10 index. 

Source: TradingView

Currently ranked number seven on CoinMarketCap’s ranking of crypto assets with the largest market capitalization, the XRP token had a market capitalization of $16.14 billion at press time. Trading at its January 2021 level, the current price of the XRP token is 91.31% away from the all-time high of $3.84.

On-chain analysis 

Further data from Santiment revealed a decline in the number of unique addresses that were involved in the XRP transactions in the last 24 hours. At 24,800 unique addresses at press time, a 16% decline was recorded. 

Similarly, the aggregate number of XRP tokens involved in completed transactions in the last 24 hours registered a 91% decline from the 2.34 billion recorded on 15 July. Considering values in USD, the XRP transaction volume in the last 24 hours fell from $787.7 million to $59.92 million.

Source: Santiment

Furthermore, standing at 1,702 at the time of writing, the new addresses created on the network saw a 5% uptick in the last 24 hours. A look at the token’s performance on a social front revealed a 43% growth in its social dominance in the last 24 hours. However, within the same period, XRP saw a 67% drop in its social volume.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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