XRP Drops 32% in Volume: Is It Concerning?
XRP is facing a price drop on Wednesday, with its spot trading volume dropping by nearly 32% to $4. 64 billion, according to CoinMarketCap data. At press time, XRP was down 2. 97% in the last 24 hours to $2. 11 and down 12. 21% weekly. XRP is extending its decline from a Nov. 10 high of $2. 58, poised to record seven out of eight days in losses. A brief relief rally on Tuesday saw XRP reach $2. 24 before it started declining. A drop in trading volume might reflect traders sitting on the sidelines, awaiting the next move on the market. Market sentiment remains grim, with the Fear and Greed Index sitting at 16 (extreme fear), even as BTC dominance slips and capital rotation takes place. According to Ali, long-term holders have moved from euphoria to denial, and now anxiety is creeping in as XRP flirts with a drop below $2. Below the current price of $2. 11, the next key XRP support levels are $1. 91 and $1. 73. XRP sees rising social interest A recent analysis shared by Santiment on X indicated XRP among top coins leading all rising conversations across crypto social media based on social volume data. Santiment noted that XRP is trending due to multiple discussions around its price movements, ETF launches involving XRP and its role on the cryptocurrency market. Discussions also highlight the launch of XRP-based ETFs, including the first XRP option income ETF by Amplify, and debates whether ETFs could aid XRP adoption or just serve as speculative investment vehicles. Markets await catalyst The minutes of the Federal Reserve’s October Fed meeting, where the central bank cut rates by 25 basis points to the 3. 75% to 4. 00%, were scheduled for launch on Wednesday at 7: 00 p. m. GMT. Bitcoin dominance has fallen to 58%, showing traders’ preference for altcoins as the market decides its next move. Investors will be looking for clues as to the extent of the divide at the Fed over the need for further easing in the coming months and the possibility of another rate cut in December. Recently, the chances of a 25 basis point cut in December have fallen, highlighting a shift in expectations.
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