XRP Price Steady at $1.50 Amid Lack of Buying Conviction

The price of Ripple's XRP has been steady at around $1.50 over the past 24 hours, underperforming the broader market. According to crypto analysts, this is due to a lack of buying conviction, with a 43% drop in trading volume signaling weak demand. The 24-hour trading volume fell 39.5% to $2.26 billion, indicating a lack of fresh buying interest to push through the overhead supply. The market is consolidating after recent gains, with sellers emerging at higher prices.

A decisive hourly close above $1.54 would signal renewed momentum. However, the immediate technical structure is key, with support firm at $1.48-$1.50. The next concrete catalyst is the progression of the XRP Ledger Lending Protocol amendment, which requires validator voting.

Investors are chasing a $2 target price following the Asian expansion of XRP, which includes the launch of XRP Asia, a Singapore-based organization led by Sabrina Tachdjian. The launch is backed by Ripple's 1 billion XRP developer commitment, which is seen as bullish for XRP.

A weighted-average price estimate places XRP between $1.70 and $2 for October, following sharp Q3 performance and the altcoin's ability to weather the storm as a risk asset.