XRP Advocate Raises Concern Over Decline in XRP’s Trade Volume
Following a recent but short-lived uptick in XRP’s value, notable community members have pointed out a drop in the token’s trade volume despite increased investors’ confidence in the market.
In a recent tweet shared on X (formerly Twitter), reputed lawyer Bill Morgan made an observation concerning XRP’s trade volume over previous years. Per the post, Morgan highlighted that the present XRP’s trade volume on December 21, 2023, is lower than that recorded on any day in the last six years.
XRP’s Trade Volume
The lawyer made this comment following an analysis posted by Ripple Enthusiast, “Wrath of Kahneman,” which showed XRP trade volume on December 21 in the past six years. In particular, the data showed that XRP trade volume for December 21 of this year came in at around 1.9 billion.
The figure for this year is lower than that recorded in 2022, when market conditions were majorly bearish, prompting Morgan to call the data “interesting or concerning.” During the crypto winter, XRP’s trade volume came in at 2.4 billion.
Going by the data, the highest recorded over the six years came in 2020. At that time, the trade volume of XRP stood at a staggering 19 billion.
Responding, a known crypto influencer, Mr. Huber, countered that the concern about the trade volume may not be as dire as Morgan suggested. The crypto sleuth pointed at snapshots of leading crypto networks Bitcoin and Ethereum, showing a significant drop in their trade volumes.
Mr. Huber tweeted, “Same as Bitcoin and Ethereum – despite their allegedly so much more widespread use and significantly higher price increases.” The analyst further referenced media reports showing Bitcoin’s trade volume as of August 28, 2023, was at its lowest in the last four years.
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