XRP Spot Trading Volume Surges to Six-Month High Amid Ongoing Selling Pressure

XRP's spot trading volume has seen significant improvement, reaching its highest level since February in August. According to recent data, Binance recorded around $7.28 billion in XRP trades, followed by Upbit at $4.68 billion and Bithumb Korea at $2.59 billion.

While this increase in liquidity is a positive sign, analysts note that it's not automatically bullish. Higher volume includes both buyers and sellers, and the real question is whether demand can absorb the supply.

The correlation coefficient between XRP price movement and CVD changes has improved to approximately 0.43, indicating a moderate relationship. However, CVD remains negative near -8 million, which suggests that aggressive selling pressure hasn't disappeared yet.

Analysts are looking at different potential targets for XRP's price, with one market view proposing a roadmap from $1.10 to $3.40 and another analysis pointing to the Fibonacci 0.5 retracement as the next potential target near $2.135.