On XRP of August, spot trading significantly rebounded, with the trading volume on major exchanges reaching a level not seen since February, indicating that market participation and liquidity are beginning to recover. However, looking at the order flow, active buying has not yet completely overwhelmed selling, so the sustainability of the price rebound still needs to be observed.
Main exchanges see a rebound in trading volume
Coinpedia cites market data stating that in August, XRP's spot trading volume was approximately 7.28 billion US dollars, ranking first among all platforms. Upbit was around 4.68 billion US dollars, and Bithumb Korea was around 2.59 billion US dollars.
Following that are $1.4 billion for Bybit, $1.33 billion for Gate.io, and $1.23 billion for KuCoin. Bitget and Coinbase also recorded transaction volumes of approximately $919 million and $915 million respectively.
Increased trading volume usually indicates improved liquidity, but this does not necessarily mean that prices will continue to rise. Higher trading volumes involve both buyers and sellers, and the key lies in whether the new demand can continuously support the selling pressure.
CVD remains negative
The article mentioned that the price of XRP once broke through $1.50 in the second half of August, before stabilizing around $1.30. At the same time, the correlation between the 30-day price and that of CVD rebounded to around 0.43, indicating a moderate degree of linkage between price changes and order flow.
However, CVD is still close to -8 million at present, which means that the selling pressure has not subsided. If CVD turns positive and the correlation continues to strengthen, the support from spot order flow for a rebound will be more substantial; if CVD remains negative and the correlation weakens, the pressure for a price correction may rise again.
Subsequent attention to the $2.135 level
The report also mentioned that some analysts regard $2.135 as the next potential target, based on Fibonacci calculations. Other market views suggest that if historical trends reappear, XRP could continue to rise to even higher levels.
However, the premise for such a target to be established is still that the buying interest continues to improve, rather than just a rebound in trading volume or similar chart patterns. Looking at the current data, there are signs of liquidity recovery for XRP, but the negative value of CVD remains the main resistance to short-term rebounds.
