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XRP Ripple price

XRP Price Down 46% Since July 2023 But Liquidity Up 50%, What This Means For The Token

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Latest data from Kaiko, a blockchain analytics firm, reveals that while XRP prices are down 46% from July 2023 highs, its liquidity has significantly improved in the past two months, expanding 50% from $8 million to $12 million as of early September.

XRP’s Liquidity Rising

The jump in market depth follows a United States court ruling in July that negated the Securities and Exchange Commission (SEC) assertions that the coin was an unregistered security and that Ripple, the blockchain company that relied on the token on its On-Demand Liquidity (ODL) solution, had illegally raised billions in their initial coin offering (ICO).

XRP liquidity: Kaiko
XRP liquidity: Kaiko

Based on market data, XRP’s market depth, a metric used to measure a digital asset’s supply and demand at every price level, has steadily risen. However, the analytics platform notes that the 50% jump in liquidity is amid a sharp contraction in trading volumes and prices. 

Related Reading: Crypto Firms In Hong Kong Prohibited From Identifying As ‘Banks,’ Regulator Says

While liquidity has spiked, it still needs to be determined whether buyers are stronger than sellers at any price point, a reading that could help traders determine the short to medium-term trajectory. In an environment with stronger buyers, it hints that demand is high, a development that could support prices going forward.

Bears In Charge, Coin Down 46% From July Peaks

Price action data shows that XRP prices rapidly soared on July 13, rising nearly 100% as prices moved from $0.47 to $0.933. While there was optimism that there would be a follow-through that could lift XRP prices above $1 in the session ahead, prices have been cooling off steadily over the past two months.

Down 46% from July 13 peaks, XRP is changing hands at the early July 2023 zone, though trading volumes are within average when writing. 

XRP price on September 18| Source: XRPUSDT on Binance, TradingView
XRP price on September 18| Source: XRPUSDT on Binance, TradingView

It is not clear whether prices will recover from spot rates. What’s apparent is that XRP prices are still boxed within the July 13 bull bar, and buyers have a chance, based on volume analysis, provided prices are above July 2023 lows at around $0.45.

Presently, XRP is also down 70% from April 2021 highs, and bears are in control from a top-down preview despite the current upswing that has shifted sentiment following last year’s dump that saw XRP drop to around $0.30.

Related Reading: Dogecoin Inventor And Influencers Dragged Into Elon Musk’s $258 Billion Lawsuit

While Ripple registered a partial win in the July ruling, buoying XRP prices, the SEC intends to appeal. Even so, more analysts are convinced that the two parties will settle before the case goes to trial. This may support prices.

Some experts note that this settlement will be in the best interest of the regulator since a trial will mean Ripple might call “Ethereum ICO Insider,” Steven Nerayoff, as a witness. Nerayoff recently stated that Ethereum got preferential treatment during its initial coin offering (ICO).

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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