XRP, the fifth-ranked cryptocurrency asset, is currently up by over 3%, demonstrating resilience that has prevented it from slipping below the $2 mark. The coin has faced significant volatility and broader market fluctuations as it aims to reclaim the $3 level.
### Can XRP Overcome the Volume Hurdle?
Despite its determined efforts, XRP’s price has dipped by 24.02% over the last 30 days and by 3.89% in the past seven days. However, sustained buying activity in the market has helped the coin avoid falling into a troubled zone. The challenge remains that the trading volume has not been strong enough to support a sustained upward price movement.
As October approaches its final two weeks, overcoming the low trading volume is crucial for XRP to record meaningful progress. Currently, XRP’s trading volume is down sharply by 49.72%, standing at $4.69 billion.
### Market Sentiment and Ripple’s Treasury Plans
Despite some technical rebounds and Ripple’s ambitious $1 billion treasury plans, market participants remain cautious. Recent optimism from futures traders was dampened when $1.98 billion in open interest was wiped out.
According to reports, Ripple is leading an effort to raise at least $1 billion through a special purpose acquisition company (SPAC). The intention behind this move is to accumulate XRP as a digital asset treasury. Such an initiative could boost XRP’s price by increasing demand for the coin.
### Current Price Movement and Outlook
At the time of writing, XRP is trading at $2.38, marking a 4.27% increase in the last 24 hours. The coin has gained over 10 cents, climbing from a recent low of $2.24 to its current level.
### XRP Price Heading Toward $3?
For XRP to experience significant price growth, the ecosystem’s bullish forces need to fully activate and engage with the asset. With trading volume down by nearly 50%, institutional efforts alone may not be sufficient to spark sustainable price increases.
If XRP can maintain its rebound, it could act as a catalyst that draws investors back into trading the coin. However, market participants will likely need to see price stability before shedding their caution, especially as ongoing geopolitical tensions continue to influence the broader crypto sector.
Overall, while challenges remain, the price outlook for XRP holds promise amid these evolving market dynamics.
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