XRP Price Mounts Small Comeback as $2 Turns Into a Support Level
In a rather surprising turn of events, it seems the XRP price is slowly starting to mount a comeback all of a sudden. More specifically, the XRP price has taken a major beating in the past two weeks, but the momentum is slowly turning in favor of Ripple’s asset once again. With a value of over $2, things certainly look pretty solid right now. Given all of the market volatility taking place, it is still too early to speak of a major comeback, though.
XRP PRICE MOMENTUM MAY TURN BULLISH AGAIN
No one can deny all cryptocurrencies are going through a very rough patch right now. More specifically, there is no stability whatsoever, and $50bn market cap swings are not all that uncommon whatsoever. This also means most currencies will go up or down in value in quick succession, which creates both buying and selling opportunities. In the case of Ripple’s XRP, things have not gone smoothly by any means. The all-time high of over $3.5 is very far away, and we may never see it again.
More specifically, there is some solid XRP price momentum taking place right now. Although all of these gains can easily be wiped out in the coming hours, things are looking rather positive right now. To put this into perspective, the XRP price has gained 13.74% in USD value and 13.63% in BTC value. This latter aspect is rather interesting, as that seems to be the most important market for Ripple’s digital asset right now. If Bitcoin tanks in value – like it has been doing steadily for the past few weeks – the XRP price will struggle quite a bit as well.
At the same time, we often see the XRP price go up when Bitcoin suddenly drops in value. It is evident for everyone to see these currencies are not competing with one another, but they are intrinsically linked regardless. How this will affect the XRP price in the future, remains to be determined. For now, it seems to work out quite well, as it is good to see the XRP price peak above $2 once again. There is still a very long road to recovery ahead, though, but one has to start somewhere.
With over $5.68bn in 24-hour trading volume, things are certainly looking up for Ripple and their XRP asset. This trading volume had taken a bit of a hit in the past week, but things are finally looking up again. With this strong volume, it becomes even more obvious cryptocurrency enthusiasts want to diversify their portfolio first and foremost. Although XRP isn’t a cryptocurrency it can be traded against Bitcoin on virtually most big exchanges. The Bitcoin price isn’t doing too well, this altcoin will become a lot more popular in the near future.
Unsurprisingly, Korean exchanges reign supreme when it comes to XRP trading platform. More specifically, Bithumb generated over $2.1bn in volume, which represents nearly 38% of all trades worldwide. Coinone is in second place, with 8.81% of all trades. Binance is the first non-Korean exchange on the list with their XRP/BTC market. Bitfinex is the first non-KRW fiat currency market with $4489.4m in volume. An interesting situation, even though Korean prices have no influence on the global market average any longer.
Whether or not the XRP price will succeed in surpassing $3 again, remains to be determined. Right now, that seems highly unlikely, although some weird things have happened in the cryptocurrency world before. Until the Bitcoin price shows some movement again – or people finally stop using it as the default value metric for other currencies – no major shakeups should be expected. Then again, this is the most unpredictable financial sector we have seen to date. Anything and everything can happen yet it remains to be seen how it affects the XRP price moving forward.