The post Ripple News: XRP Becomes The Most Traded Cryptocurrency of the Year appeared first on Coinpedia Fintech News
Riding on a wave of anticipation and subsequent legal resolution, XRP, the cryptocurrency that entered 2023 under the intense scrutiny of traders, has clinched the title of the most traded cryptocurrency of the year.
The first half of 2023 saw avid accumulators bulk up their digital wallets with the asset, paving the way for a record-breaking explosion in trading volume post the non-security ruling.
Trading Volume Hits the Stratosphere
Since the favorable outcome of the ruling, XRP’s trade volume blasted off to new heights, amassing a whopping $150 billion in transactions, and solidifying its position as 2023’s leading altcoin.
While Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC) have performed admirably, each facilitating transactions between $50 to $100 billion, they remain dwarfed by the sheer scale of XRP’s transactional value.
Price-wise, altcoins have been stealing the show from Bitcoin. From its mid-June lows, XRP saw a jump of 52%. The remittance token is currently experiencing a downturn, reflecting the broader crypto market trend as traders hold their breath awaiting the Federal Reserve’s rate decision.
Today, XRP recorded an 8% decrease, standing at $0.68, trailing behind the 1.8% slump experienced by the overall crypto market. This downturn is largely attributed to heightened expectations of a 25 basis points interest rate hike during the Federal Reserve’s July 25-26 meeting.
Looking at the technical landscape, XRP seems to be in an overbought correction phase. Its weekly relative strength index (RSI) reached 72 last week, marking the highest level since April 2021.
For the bears, the path forward could see XRP descending toward the $0.59 level in late July or early August. This price point served as a support level during July 2021 to January 2022 session and aligns with the 0.236 Fibonacci retracement line drawn from the $1.15 swing high to the $0.30 swing low.
On the bullish end of the spectrum, if XRP can close convincingly above the 0.382 Fibonacci line near $0.77, it might challenge the $1.5 resistance, potentially yielding over 50% gains.