It is evident the next few days will be very interesting for all cryptocurrencies and digital assets. Especially where the XRP price is concerned, we may not have seen the last of this bull run just yet. In fact, it seems the XRP price is preparing to make a move toward US$1.25, which may even extend to US$1.40 if there’s enough momentum. It’s a very interesting turn of events; that much is evident.
XRP Remains Uber-Bullish
For the people who had assumed the XRP price would start to decline due to the recent Bitcoin drama, things have worked out very differently. In fact, the XRP price was, by far, the most resilient market among the top 50 ranked by CoinMarketCap. Although there was a small decline, no major losses were recorded when everything was said and done. This is a good sign, especially for those who hold Ripple’s native asset as part of their portfolios.
As of right now, the XRP price is US$1.19 according to CMC. That is quite a strong value, although it is not the all-time high. To some people, it still seems strange to consider Ripple’s asset being worth more than US$1 per token, but there is a lot of merit to this project. Banks will far more readily embrace Ripple than cryptocurrencies in the coming years. In fact, the latter may never be supported, for all we know. Instead, banks will oppose any cryptocurrency-related activities for as long as they possibly can.
With an 11.44% increase against USD over the past 24 hours, things are looking rather solid for the XRP price. It’s also gained nearly 2% over Bitcoin, although it remains to be seen whether that trend will hold up. Most assets and altcoins tend to decline in value against BTC when the Bitcoin price is rising. Then again, this trend has not been all that apparent in recent weeks. It would be good if all other currencies stopped relying on Bitcoin or getting dragged down with it.
With over US$3.11 billion in 24-hour trading volume, Ripple’s XRP remains one of the hottest trading markets right now. It is absolutely amazing to see how much traction this digital asset has gained throughout 2017. Although this is not the final push we will see in the coming weeks, it remains to be seen how high the XRP value can go. Some experts still stick to their US$2 predictions, although that seems highly unlikely to most cryptocurrency users. Then again, stranger things happen every other day, it seems.
In an unsurprising turn of events, Bithumb has maintained the exchange lead in terms of XRP’s 24-hour trading volume. Coinone and Korbit are also among the top 10, though in far less spectacular fashion. Poloniex generated the second-highest amount of trading volume, although it is not too far ahead of Bitfinex. Three of the top five XRP trading markets are fiat currency pairs, which is pretty interesting to keep an eye on. It seems both Bitstamp and Kraken are also heating up in terms of EUR-based trading volume.
It is still unclear what the future may hold for the XRP price. While there is a lot of bullish sentiment right now, cryptocurrencies are never stable markets whatsoever. Anything can happen in quick succession, especially when it comes to markets with a lot of trading volume. For now, all platforms value XRP at over US$1, but it would only take one hour of manipulation to drop this average by 10% or more. Rest assured a lot of people will be keeping a close eye on this market.