XRP price declines, volume remains stable
Ripple (XRP) price corrects and trades at $3.11 at the time of writing on Friday, down from $3.25 and marking a 4.15% decline in the last 24 hours. The daily trade volume remains stable at $10,273,423,353.19. A decline in price while volume is stable is typically a sign of a short term correction, as deleveraging or selling pressure from traders negatively impacts XRP price. It is likely that XRP price catches up with rising trade volume if the trend reversal is not confirmed.
XRP gained 6.67% in the last 7 days, and the total market capitalization currently hits $184,680,271,796.21.
In the last 24 hours, Aerodrome Finance, UNUS SED LEO and MemeCore rank among top gainers, Conflux, Fartcoin, FLOKI hit by steepest correction, are the top losers.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
Author
FXStreet Team
FXStreet
