XRP Volumes Crash 52%, Is This Concerning?

Source: CryptoNewsNet Original Title: XRP Volumes Crash 52%, Is This Concerning? Original Link:

XRP Trading Volumes Plunge 52%

XRP trading volumes have plunged 52% in the last 24 hours as traders paused to assess the next move at the start of a new week.

XRP trading volumes came in at $1.06 billion, a 52% drop from the past day, according to CoinMarketCap data, suggesting lower activity.

The drop in volumes follows a broader trend in the crypto sector as analysts note a flat market often occurring on Sundays. According to community analysts, typically Sundays are just flat, with the previous Sunday described as particularly quiet. While this might suggest lesser activity, analysts sound a note of caution—volatility might come out of nowhere, and traders should be prepared in case volatility kicks in.

XRP Price Action

At the time of writing, XRP was down 1.15% in the last 24 hours to $1.81 as the crypto market saw selling pressure early in the Sunday session.

The cryptocurrency is down 7.82% in the last seven days amid continued profit taking in the market, aided by macro concerns.

XRP has steadily declined since reaching a high of $2.41 at the year’s start. Since Jan. 6, XRP has only spent two days in the green, closing all other days in losses. The cryptocurrency subsequently lost the $2 level, which coincides with the daily MA 50, trading below it since Jan. 19.

The first task for bulls will be to regain the daily MA 50 and convert it into support. If this is done, XRP might target $2.18 and $2.41 next. Meanwhile, support is expected at $1.85 if selling pressure persists in the market.

What’s Coming?

Five fix amendments are set to be activated on the XRP Ledger mainnet this week, with the impact of the fix upgrades ranging from AMM, token escrows, clawback feature and the overall network efficiency.

According to on-chain data, five fix amendments included in XRPL version 3.0.0 are set to be activated on the XRP Ledger mainnet with the current countdown now 2 days 13 hours from the time of writing, with a potential date being Tuesday, Jan. 27.

These amendments include fixTokenEscrowV1, fixIncludeKeyletFields, fixMPTDeliveredAmount, fixAMMClawbackRounding and fixPriceOracleOrder.