The cryptocurrency market has been showing multiple behavioural changes over the past couple of weeks with price action shifting on a dynamic basis. From being bullish, to bearish, to bullish again, the market has definitely turned the heads of several users and investors.
Since December 29, XRP has gone through multiple changes in value to settle at what it is currently trading at today. The rice shift has been a hotch-potch of bearish dips and bullish corrections. On the first day of the trend, the change to XRP in range was negative 0.561 percent, which was followed by a 9.6 percent decrease on the bearish scale. The next two checks showed that the price had corrected itself a bit, clocking a positive change of 5.275 percent and 0.5799 percent respectively.
The total number of accounts exclusive of escrows amounted to 50.125 million while the total number of coins was still stacked at 99.991 billion. Since December 29th, the total new accounts formed were calculated to be 3,192. The average number of accounts with more than 20 XRP as holdings amounted to 29,953.
At press time, XRP was trading for $0.204 with a total market cap of $8.852 billion. The 24-hour market volume for the third-largest cryptocurrency was $1.303 billion, after a 4.73 percent hike on the daily chart. The number of accounts in the XRP range has also been increasing, starting from seven in number to peaking at 1.269 million accounts. The percentage of accounts per US population clocked at 0.56 percent while the percentage of accounts per world population touched a minuscule 0.02 percent.
The last trading week witnessed a massive increase in turnover, causing the total market cap to hit the $196 billion target. Analysts stated that the rollercoaster price ride could stem from external factors such as the influence of bigger banks. The Central Bank of South Korea recently announced plans to create a group that will assess digital currencies of multiple banks around the world.