Trading volume of #XRP increased by 74% as the cryptocurrency market faced a collapse worth $2.58 billion.

The trading volume of #XRP saw an increase of over 74%, while the cryptocurrency market experienced a significant decline at the start of Sunday trading.

The decline in the cryptocurrency market continued over the weekend, with losses widening across most digital assets, and an increase in futures liquidations.

According to some data, positions worth over $2.58 billion were liquidated within 24 hours, as heavy selling continued in the cryptocurrency market during the weekend, affecting 414,491 traders. The price of #XRP experienced liquidations exceeding $40 million.

Buy positions accounted for the majority of liquidations, totaling $2.27 billion, while sell positions did not exceed $171 million. This disparity indicates that traders were caught off guard, remaining optimistic about a market rebound after weeks of price volatility.

The decrease in liquidity over the weekend led to increased selling pressure amid declining trading volumes, which could heighten volatility. The trading volume of #XRPUSDT also decreased but recovered early Sunday morning.

The trading volume of XRP reached $6.49 billion, a 74% increase over the past 24 hours.

The price of XRP

The price of XRP has fallen for four consecutive days starting from January 28, reaching a low of $1.50 on January 31. The significance of this decline lies in its proximity to XRP’s actual price.

The current actual price of XRP is trading at $1.48. The current market structure closely resembles that of April 2022.

The current price of XRP is $1.48, according to some data, indicating a pattern similar to what was seen in April 2022.

There is still a glimmer of hope, as XRP maintains stability above its current price amid market signals of ongoing rebalancing. The decrease in market liquidity, along with a decline in risk appetite, may suggest a potential rebalancing.

According to Scott Melker, #Ripple is currently trading at the last significant support level on the chart before a sharp price fluctuation, making this a critical moment to monitor XRP’s price.

Meanwhile, the relative strength indicators have now reached oversold levels, below 30, indicating the possibility of a rebound in upcoming sessions.

$XRP