XRP experienced a significant surge in trading volume across major exchanges, positioning it among the most actively shorted cryptocurrencies. This activity coincided with a 6.46% price decline, breaking a key support level near $1.40. Despite the bearish price action, on-chain data reveals strong fundamentals, including a 40% spike in daily successful transactions and significant growth in its Real-World Asset market cap.
Ripple’s XRP was one of the most traded and shorted tokens in the last 24 hours, according to market data. The altcoin’s valuation declined in line with the broader crypto market during this period.
Trading volume spiked significantly across multiple major exchanges. Daily volume on Upbit surged 83% to over $193 million, while Coinbase saw a 34% increase to $111.7 million.
Binance recorded a 68% rise in volume, exceeding $131 million. Total Spot market volume surpassed $710 million, with Futures markets trading approximately $3.76 billion.
XRP’s price dropped from $1.46 to $1.34, breaking below the $1.40 support level. A further decline below $1.34 could see the price test $1.25.
However, the token was holding above $1.34 at the time of reporting, suggesting reduced selling pressure. A rally toward $1.66 would require flipping the $1.40 level back into support.
Fundamental metrics presented a more bullish picture. The number of daily successful transactions on the XRP Ledger jumped 40%, from 1.5 million to 2.5 million.
Furthermore, the ledger’s Real-World Asset (RWA) market cap grew 23.42% in 30 days to $2 billion, outpacing Solana. Arizona’s proposed Digital Assets Strategic Reserve Fund bill also included XRP among its listed assets.
Altogether, the fundamentals and chain activity appear strong for XRP. The current sell pressure from investors and bearish market structure, however, present a contrasting short-term outlook.
