XRP Market Strength Varies on Different Exchanges
The market strength of XRP varies across different exchanges, reflecting the recent turbulence experienced by the crypto market. Currently, XRP is trading at $0.48, showing temporary stability in recent days amidst the market’s ups and downs. Market depth is a crucial factor to observe during times of increased volatility.
Cryptocurrency Exchanges and Volatility
Market depth shows how much buying or selling pressure is needed to move the price in a certain direction and varies based on numerous factors, such as the depth of the order book. Generally, exchanges with higher trading volumes and more liquidity have greater market depth. For example, on Binance, it takes approximately $1.44 million in sell orders to move XRP’s price down by only 2%, while on Coinbase, with lower volume, only $850,000 can create a 2% negative movement.
What’s Happening on the XRP Front?
The XRP price has failed to rise above $0.54 recently, becoming a significant barrier for the bulls. It has been gradually moving towards the next major support level at $0.43, with bears showing a downtrend on the monthly timeframe, indicating a significant change in the dynamics of price action. The ongoing legal process between the SEC and Ripple Labs continues to create selling pressure on the XRP price.
Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. For the latest financial and business news, access COINTURK FINANCE.
