The Current State of the Crypto Market

The crypto market is gradually undergoing bearish consolidation. However, coins like XRP are attempting new rebounds. In the last 24 hours, the XRP price has dropped by 1.69% to $2.33, but there is a positive shift in total traded volume on top crypto exchanges, indicating a potential rebound ahead.

XRP Sees a Bullish Volume Shift

According to data from CoinMarketCap, XRP trading volume has jumped by 50.50% in 24 hours. This increase has resulted in 1,801,848,676 XRP, valued at over $4.19 billion traded during this period.

XRP now ranks as the third most traded asset beside stablecoins, suggesting that market stakeholders might be ready for a rebound. XRP network activities have remained elevated over the past week. Despite a recent price drop, XRP has retained a 9.26% growth in the trailing seven-day period, indicating a generally positive short-term outlook.

Bullish Trend May Resume This Week

Despite the breakdown of the relief rally from the past week, the XRP price is poised for a comeback. Although igniting a solo rally may be difficult due to broader market uncertainty, key fundamentals within the ecosystem can lend resilience.

For instance, the growing hype surrounding the XRP ETF remains a significant tailwind that can impact the price in the long term. Recent market updates reveal that the U.S. SEC has delayed the Grayscale XRP ETF filing, but analysts agree this will not substantially affect its eventual approval.

Overall, XRP has outperformed Ethereum in Fully Diluted Valuation (FDV), indicating its rebound strength against core rivals.