The price of XRP saw a rapid rise along with the rest of the crypto market over the weekend, finally taking its price above the $0.53 mark. Amid this price surge a pattern emerged that suggests what may be happening with the altcoin.
Real volume amid rising XRP prices
On the Messari actual volume chart, an interesting pattern can be seen with the rising price of XRP. On the one hand, actual volume shows how trading volume has increased at different prices. The most notable of these is what happens when there is an increase in the price of XRP.
Volume tends to bounce around these points, suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens hit the market, there are eager investors waiting to take advantage of the available supply and defend the price.
Mainly, the bulls managed to dominate during these times where they managed to maintain price support. This was seen when there was a drop to $0.51 as profit investors rushed to lock in their profits. But not long after, the price of XRP rose again, suggesting that bullish investors continued to maintain dominance at this time.
There was also an increase in real volume on Monday, showing high levels of interest in the altcoin. Before the opening of trading hours on Monday, actual volume was already $484 million, a 71% increase from Sunday’s actual volume figures of $282 million.
Transaction count drops below one million
Since Judge Analisa Torres ruled that programmatic sales of XRP did not qualify as securities contracts, the daily transaction count on the XRP Ledger has been increasing. Along with the increase in the price of XRP, the number of daily transactions has consistently exceeded one million.
However, this is starting to change as the XRP transaction count has fallen below this level. According to data from BitInfoCharts, the total daily transactions in the last day reached 931,742 transactions. This is an increase from the October 13 local low of 765,408, but is still lower than the average of recent months.
This may suggest that there is less activity in the use of blockchain, although not by a large margin. It could also coincide with investors being more focused on making profits due to the rising price of XRP for now.
At the time of writing, XRP price recorded gains of 1.77% in 24 hours, trading at $0.5272, according to data from CoinMarketCap. On the weekly chart, the altcoin records gains of 5.41%.