Cryptocurrency

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-faces-challenges-in-maintaining-stable-price/" data-wpel-link="internal">Ripple Faces Challenges in Maintaining Stable Price</a><br></p>
<p class="p1" style="text-align: justify"><strong>XRP</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> strength varies across different exchanges. Ripple price continues to reflect some of the turbulence experienced by the <a href="https://en.coin-turk.com/robinhoods-crypto-volumes-decline-company-plans-expansion-into-europe/" data-wpel-link="internal">crypto market</a> in the last 48 hours. At the time of writing, XRP is trading sideways at $0.48, a price point that has provided temporary stability in recent days. Market depth is something to observe during times of increased volatility.</p> 
<h2 class="p1" style="text-align: justify" id="cryptocurrency-exchanges-and-volatility">Cryptocurrency Exchanges and Volatility</h2> 
<p class="p1" style="text-align: justify">This <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> how much buying or selling pressure is needed to move the price in a certain direction. It also depends on numerous factors that vary from one platform to another, such as the depth of the order book.</p> 
<p class="p1" style="text-align: justify">Generally, exchanges with higher trading volumes and more liquidity have greater market depth. For instance, on the <strong>Binance</strong> front, it takes approximately $1.44 million in sell orders to move XRP’s price down by only 2%. On the other hand, it requires $1.2 million in buy orders to increase the price by 2%.</p> 
<p class="p1" style="text-align: justify">According to CoinMarketCap data, this process is valid for the <strong>XRP/USDT</strong> pair. For example, on the US-based Coinbase, where the volume is much lower, only $850,000 can create a 2% negative movement. The market depth in major exchanges appears as follows according to the graph below:</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364975 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/coinmarketcap-1.png" alt="" width="1742" height="1102"></p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-xrp-front">What’s Happening on the XRP Front?</h2> 
<p class="p1" style="text-align: justify">Recently, the <strong>XRP</strong> price has failed to rise above $0.54, becoming a significant barrier for the bulls. Since then, the price has been gradually moving towards the next major support level at $0.43. It is also worth noting that bears have managed to show a downtrend on the monthly timeframe, indicating a significant change in the dynamics of price action.</p> 
<p class="p1" style="text-align: justify">The monthly close will occur in a few days, and it is crucial for buyers to step in if there is any chance of pushing the XRP price to $0.50 and above. The ongoing legal process between the SEC and Ripple Labs continues to create selling pressure on the XRP price.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-364974 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/xrp-7.png" alt="" width="2854" height="1444"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ripple-faces-challenges-in-maintaining-stable-price/" data-wpel-link="internal">Ripple Faces Challenges in Maintaining Stable Price</a></h5>

Ripple Faces Challenges in Maintaining Stable Price

Table of Contents

COINTURK NEWS

Other articles published on Jun 25, 2024

US SEC Stops Investigation On Ethereum: See the Best Cryptos To Buy For Maximum Profits In 2024

Demand for Tokenized US Treasuries Soars as BlackRock, Franklin Templeton Invest

io.net Price Prediction: IO Plunges 15% In A Week To A New All-Time Low As Investors Pivot To Thi...

ORDI (ORDI) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Tron Founder Justin Sun Buys Ethereum Ahead of ETH ETF Decision

Institutional Interest Dropping With Bitcoin ETFs Significant Outflows

Join our free newsletter for daily crypto updates!