XRP, the fourth-largest cryptocurrency, has seen a significant decline in trading activity over the last 24 hours. According to CoinMarketCap data, XRP's daily volume is surprisingly down 55% to $1.38 billion, raising questions about what might be behind the drop.
The substantial drop in volume comes on the heels of what seemed to be a "big week" for XRP: Ripple announced it was dropping its cross-appeal in the SEC lawsuit and expects the regulator to do so, closing this chapter once and for all; XRP Ledger got a major upgrade alongside new integrations, and Robinhood introduced micro futures for XRP, among others.
The recent slowdown might reflect investor caution, being the start of a new week as market participants assess their next moves.
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The drop in volume shows that many traders are sitting on the sidelines, potentially awaiting new catalysts before jumping back in.
At the time of writing, XRP was slightly up 0.33% in the last 24 hours to $2.19. XRP price sharply rebounded from $2.06 on June 27, hitting $2.20 on Saturday. Eyes are now on a decisive breach above the daily moving averages of 50 and 200 at $2.25 and $2.36 for a fresh move toward $2.65.
XRP Ledger just had big week
Version 2.5.0 of rippled, the reference server implementation of the XRP Ledger protocol, has been released, which adds new features and bug fixes, as well as the following changes: TokenEscrow, Batch, PermissionedDEX, PermissionDelegation, AMMv1_3, EnforceNFTokenTrustlineV2 and PayChanCancelAfter.
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XRP Ledger welcomed Permissioned DEX, which allows regulated players to trade on XRPL’s DEX using verified credentials, enabling KYC-gated FX swaps and stablecoin flows.
Ripple has announced a partnership with Wormhole to bring multichain interoperability to XRPL and the upcoming XRPL EVM Sidechain. XRPL also received a long-awaited upgrade proposal: Batch Transactions (XLS-56d), which would allow developers to bundle multiple actions into a single on-chain transaction.
Squelching algorithms are rolling out in stages, with Base Squelching arriving in rippled v2.5.0. The proposed permission delegation feature would represent a significant upgrade in operational flexibility and security for token issuers, notably by enabling clear segregation of duties.
