Here’s the status on XRP’s price recovery
XRP price recovery is underway after the altcoin bloodbath over the weekend. XRP is currently trading at the $0.95 level, after nearly 7% increase in the past 24 hours. XRP has started its recovery based on price data from coinmarketcap.com, alongside Binance Coin, Ethereum and other altcoins in top 25.
Additionally, XRP ranks among the top volume gainers of the past hour. The price is well above the $0.65 level that was considered key two weeks ago.
Based on the above chart, after a drop, the price has recovered to the $0.83 level and the recovery continues. The onward price rally is supported by an increase of over 30% in trade volume, based on data from coinmarketcap.com. 77% away from its ATH, the altcoin has adequate demand across exchanges to make a comeback above the $1.25 level.
One metric that sheds light on an opposing narrative is the social volume. Lunarcrush’s social volume chart shows a drop of 15% in the social volume of XRP over the past week.
Based on the above chart, the social volume and price are directly related. The drop in social volume corresponds to a dip, once the recovery ensues, it is likely to change. The SEC vs Ripple court proceedings have had a positive impact on the social volume, in addition to the narrative of XRP’s comeback through a price rally similar to the 2018 bull run.
Besides, XRP’s correlation with both Bitcoin and Ethereum is at 0.82, based on data from crypto watch. High correlation with top 2 cryptocurrencies, that are recovering from the price slump further increases probability of XRP’s recovery. On the top exchange, Binance’s XRP/USDT market, the trade volume was up to the $1.7 Billion level. Similarly, trade volume is up on USDT markets across spot exchanges, this is true for Asian exchanges as well.
This recovery is likely to be slowed down by drop in investment inflow and large volume transactions on the network. This changes the XRP narrative to that of slow recovery in the coming weeks. However, based on the current metrics, XRP price recovery is underway based on the above metrics.