XRP has experienced a massive rebound in the crypto markets.
On July 1st, XRP was valued at $0.17 with its daily trade volume at around $1 Billion.
XRP has since experienced a local peak of $0.327 with the daily trade volume also peaking at around $5.17 Billion.
This is a 417% increment in XRP’s daily trade volume.
The digital asset of XRP has had an eventful first half of the third quarter of 2020. July 1st found XRP trading at around the $0.17 support zone. Since then, the digital asset has since broken out of a two-year-long falling wedge first identified by the veteran crypto analyst, MagicPoopCannon. Furthermore, XRP has since reclaimed its number 3 spot from Tether (USDT) on Coinmarketcap.
XRP Daily Trade Volume Increases by over 400%
XRP’s upward momentum has resulted in a local peak of $0.327 on the 2nd of August. In the same time period, the daily XRP trade volume has increased from $1 Billion to $5.17 Billion. The latter value was attained on the same date of August 2nd and after the local top was achieved. This is an increment of 417% since the beginning of the third quarter of 2020.
The chart below by Santiment.net provides a better visual cue of the increment in daily trade volume.
Ripple Sells $32.55 Million in XRP in Q2
At the time XRP was attempting to claim the $0.30 resistance level, the team at Ripple released the Q2 XRP market report. One key takeaway from the document is the announcement by Ripple, of the sale of $32.55 Million in XRP during the second quarter of 2020.
The sale of the aforementioned XRP was Over-The-Counter and thus did not affect the crypto market value of the digital asset. The team at Ripple further elaborated on this fact as follows.
In Q2 2020, total XRP sales were $32.55 million (USD) vs. $1.75 million the previous quarter. Ripple continued the pause of programmatic sales, focusing solely on its over-the-counter (OTC) sales as part of providing increased XRP liquidity to RippleNet’s On-Demand Liquidity (ODL) customers. This added liquidity is vital as ODL continues to evolve and expand into new corridors.
What Next for XRP in the Crypto Markets?
Summing it up, if the current bullish crypto market environment prevails, XRP looks set to continue on its upward trajectory and possibly hit the $0.77 value predicted by Magic.
As with all analyses of XRP, traders and investors are advised to have an eye out for any sudden price movements by Bitcoin that might affect the crypto markets.