Ripple’s XRP ($2.47) has faced a challenging week, experiencing a significant price drop of 7.83%, bringing its value to $2.46. This decline comes as the broader crypto market remains volatile, with XRP struggling to hold key support levels.
XRP Price Fluctuations and Market Cap Decline
The past seven days have been rough for XRP, starting at a high of $2.67 before seeing a steady downtrend. At its lowest, XRP dropped to $2.45, barely above its weekly bottom. The price fluctuations were accompanied by a 4.69% decline in market cap, which now stands at $142.74 billion.
7-day price chart. Source: CoinMarketCap
Despite the price dip, trading volume surged by 59.01% in the last 24 hours, reaching $3.69 billion. This spike in volume suggests increased trading activity, possibly from both buyers looking for a dip entry and sellers cutting losses.
Related article: XRP ETF Gains Momentum as SEC Acknowledges Bitwise Filing
XRP’s current price of $2.46 is still significantly lower than its all-time high of $3.84, recorded in January 2018. The token remains 35.87% below its peak, highlighting the long-term struggle to reclaim previous highs. However, XRP’s all-time low of $0.002802, set in July 2014, means its long-term holders still see massive gains of over 87,823%.
XRP’s Supply and Circulation Metrics
The circulating supply of XRP stands at 57.88 billion tokens, with a maximum supply of 100 billion XRP. XRP’s fully diluted valuation (FDV) is currently $246.59 billion, indicating the token’s potential market value if all coins were in circulation.
Related article: XRP’s $100 Dream: Can Ripple’s Legal Victory Ignite a Historic Rally?
XRP’s short-term future remains uncertain as it struggles to regain upward momentum. If market sentiment improves, it could see a rebound toward the $2.60 resistance level. However, continued downward pressure may push XRP closer to the $2.40 mark. The coming days will be crucial in determining whether XRP can recover or if further losses are ahead.
With the crypto market constantly shifting, XRP’s next move is anyone’s guess. Traders should watch volume trends and key support levels before making their next move.
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