Even though all cryptocurrencies are still losing value as of right now, a lot of people are impressed by how well the XRP price holds up. More specifically, the current XRP price is not even close to its all-time high by any means, yet it seems to have found a stable floor above $0.55 for the time being.
The XRP Price Seems Somewhat Stable
Although the year 2017 was pretty amazing for the XRP price, it seems unlikely this cycle will repeat itself in the near future. With so much negative pressure across all markets, it is evident things are not looking too promising right now Turning that situation around will not be straightforward by any means, yet we may see some interesting changes regardless. So far, it seems the XRP price has found a stable floor, which is equally as important.
Given all of the market volatility to contend with right now, any form of stability is considered to be a good thing. Whether or not this means the XRP price will not dip below $0.5 again the future, remains to be seen. With how things are looking right now it seems virtually impossible to think that will be the case, but this industry is full of surprises. Even so, it’s still good to see the XRP price hold its own at $0.64 right now.
Although the XRP price has lost 2.13% in USD value over the past 24 hours, it has also gained 1.62% over Bitcoin in the same period.Considering how altcoins often struggle to gain on Bitcoin when the BTC value is dropping, this small uptrend is pretty significant. Maintaining this solid trend is a different matter, though, as things can quickly turn around in this industry these days.
With $223.1m in 24-hour trading volume, things don’t look half bad for XRP. Although this volume is still a lot lower than most people had expected to see at this point, there is no denying all markets see less trading volume these days. Whether or not XRP will reach $1bn in daily trading volume again this year, is very difficult to predict. Assuming this downtrend turns around soon, anything can happen in the next few months.
The way things look right now, most of the XRp trading volume comes from Bithumb. Not entirely surprising, as South Korean trading platforms have been quite keen on XRP over the past few months. Binance and Huobi complete the top three, with Bitbank and Upbit not too far behind. As of right now, there are three fiat currency markets and one USDT pair in the top five, which is pretty interesting to keep an eye on.
Whether or not the XRP price will remain above $0.6 for much longer, remains to be seen. While it is certainly possible that will effectively be the case, the current market trend still appears to be bearish first and foremost. It seems to be a matter of time until we see another big price dip, although it remains to be seen if this will also affect the XRP price.
