Ripple’s XRP has struggled to hold ground in the past 24 hours, falling 4.11% to trade at $2.89. The drop below the $3 level has caught the attention of traders, as the token opened around $3.01 and quickly slid into a steady decline.
Despite the fall, XRP remains the third-largest cryptocurrency by market capitalization, valued at $172.14 billion. The broader crypto market has seen mixed sentiment, but XRP’s movement shows strong resistance levels around $3.
Trading Volume and Market Dynamics
Interestingly, trading activity increased even as the price dropped. The 24-hour trading volume rose 10.68% to $7.15 billion, showing that investors are actively engaging with the asset despite the downturn. This pushed the volume-to-market cap ratio to 4.16%, reflecting heightened activity and liquidity.
Related article: XRP Transfers to Coinbase Mirror Repeating $51.8M Pattern
The fully diluted valuation (FDV) stands at $289.41 billion, supported by a maximum supply of 100 billion XRP. Currently, 59.41 billion XRP are in circulation, meaning more than half the supply is already in the market.
Price Performance and Key Levels
Within the 24-hour window, XRP hit a low of $2.85 and a high of $3.03. The rejection at the higher level highlights the difficulty XRP faces in sustaining momentum above $3. Traders will likely view $2.85 as the immediate support zone, while $3 remains the resistance barrier to watch.
24-hour price chart Source: CoinMarketCap
From a historical perspective, XRP is still far from its all-time high of $3.84 reached in January 2018. At the current price, it trades 24.67% lower than that peak. However, long-term holders remain optimistic, given the massive recovery from the all-time low of $0.002802 in July 2014. That move reflects an astounding gain of over 103,000%.
The next few hours may prove crucial for XRP. If buyers manage to defend the $2.85 support, a bounce back above $3 is possible. On the other hand, failure to hold these levels could invite further downside pressure. With rising volume and substantial community interest, XRP’s volatility is unlikely to fade anytime soon.
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