Not much is happening in the cryptocurrency markets right now, even though we saw a good amount of bullish action yesterday. Things are a bit quieter today, although the XRP price is still doing some impressive things as we speak. Thanks to another 4.58% increase in the past 24 hours, things are looking pretty solid. At this rate, it will take little effort to push the XRP price to US$0.30.
XRP Price Keeps Rising Sharply
No one can deny the XRP price has seen some significant action throughout 2017. The first 10 months of this year have been pretty positive for Ripple’s native asset as a whole, even though the all-time high value per XRP is still very far away. That doesn’t mean XRP won’t set a new all-time high this year, though, but it is very difficult right now to gauge how things will evolve.
With an XRP price of US$0.2637, the native Ripple token is on the right track once again. It seems to be only a matter of time until we see the XRP price rise to US$0.30 again, although this next leg up will not be easy by any means. After all, there are still 38.6 billion tokens in circulation, and a lot of them reside in exchange wallets right now. This means the market is subject to severe speculation and price manipulation, which shouldn’t really surprise anyone these days.
One has to admit things are looking good for the XRP price at the present time. With its value going up by another 3.86% over the past 24 hours, XRP is the only currency/token to be noting any big gains over the past 24 hours. It seems most markets are at a standstill right now, even though that situation will come to change sooner or later. When all altcoins start to recover, the real price action will begin.
For the time being, the XRP price is in a good place and is worth keeping an eye on. It also has solid trading volume, as it is second behind only Bitcoin in this regard. Contrary to what some people would expect, the XRP volume is slightly higher compared to Ethereum, and about US$100 million higher than that of Bitcoin Cash. Those are pretty impressive numbers for a digital asset so many people offhandedly dismiss as a “scam” or “central bank currency”.
Looking over the XRP exchanges ranked by trading volume, we see some interesting patterns as we speak. Bithumb, Coinone, and Korbit all dominate right now, reaffirming the strong demand for XRP in South Korea. This could indicate there is some pump-and-dump action taking place right now, but it is still too early to say for sure. There is some solid trading action in the XRP/USD and XRP/EUR markets as well, which is good to see.
In the end, it is unclear how the XRP price will evolve in the coming days. Right now, things are looking pretty good, but that doesn’t necessarily mean things will continue along the same path for an extended period of time. Similar to most other altcoins, XRP remains subject to some fluctuations which will not be overcome all that easily. An interesting future lies ahead, though, as a lot of people still predict that XRP will hit US$1 at some point this year.
