XRP ($XRP) has gone through a considerable price drop over the past months. After a decrease in the price of $XRP, its decentralized exchange (DEX) volume is enjoying a multi-month high level. As per the data from CryptoOnchain, the respective divergence may highlight a strategic accumulation. Additionally, this scenario signifies a crucial inflection point as the sellers and buyers are engaged in a battle.
$XRP’s DEX Volume Hits Multi-Month High of $1M While Price Consolidates Around $2.3
The on-chain statistics point out that, amid the noteworthy price decline of $XRP, its DEX volume has surged to a multi-month high spot of $1M. In this respect, the price of the well-known crypto asset has dropped from nearly $3.0 to just $2.3. The respective inverse relationship between the volume and price often highlights a redistribution period, where market members reposition before a likely trend reversal. Hence, this clash between sellers and buyers is reportedly intensifying and the present volume increase could establish foundation for a bullish rebound if demand keeps building.
Inverse Relationship Between Price and DEX Volume Could Lead to Rebound
According to CryptoOnchain, while $XRP is consolidating around $2.3 after a plunge from $3.0, the multi-month high level of DEX volume at $1M is an interesting development. Keeping this in view, the market onlookers are keenly watching the trends to determine if accumulation is outperforming distribution. Therefore, if smart money is actually kicking in, it could trigger a breakout and price reversal in the near term.
