More and more markets are slowly turning green again across the cryptocurrency charts. Some of the bigger gainers are already up by double-digit percentages over the past 24 hours. One of those markets involved the XRP price, which is slowly inching its way up to $1.5 again. For now, it seems the crisis has been averted, even though we are not out of the woods just yet. Patience and caution are a virtue right now, as this momentum can easily turn against the markets later today.
XRP Price Wants to Reclaim $1.5
Today may prove to be a decent day for all cryptocurrency and digital asset markets after all. Although it is still early, it has been a while since we saw such a positive trend across all markets. In fact, it is the first time in nearly three weeks we may effectively close today with small to medium profits for all currencies. The XRP price is certainly on the right path again, although we are still a long way removed from the current all-time high.
With a current XRP price of $1.42, we are looking at pretty decent gains in USD value. Most of that increase comes directly from the Bitcoin price going up at the same time. In terms of BTC value, XRP has moved up 2.98%, which is still rather decent. It seems Bitcoin will force the XRP price higher in the coming hours, assuming the world’s leading cryptocurrency isn’t part of an elaborate bull trap. For now, it is too early to make any accurate assessments in this regard.
Even so, it is good to see all markets in the green again. While some people had hoped to see the XRP price dip below $1 again, it seems that the crisis has been averted successfully. At its lowest point, the XRP briefly hit $1.19, which is well within the margin for correction. Right now, it seems the XRP price will hit $1.5 without too much resistance, but there’s still a long way to go until all markets are effectively steady and stable again.
With $2.67bn in 24-hour trading volume, the demand for XRP has not dwindled in the slightest. Seeing such high numbers is always a bit surprising, considering the XRP price was well below $0.01 less than two years ago. All markets have come a very long way since then, and the demand for valuable and long-term currencies has only increased. Right now, it seems the demand for XRP is locked in place, although that is never a guarantee for future price gains.
The unfortunate side of the medallion for XRP is how almost 65% of all trades originate from Korea right now. Since these markets play no role in determining the global XRP price, their volume is only skewing the numbers a bit. The real demand in the Western world comes from Bitfinex, who generated $201m with their XRP/USD pair. Other than that, Kraken is the second-largest market with $70m through their XRP/EUR market. It’s always important to put these things into their proper perspective first and foremost.
The way things look right now, it seems plausible the XRP price will hit $1.5 by the end of the day. Whether or not that will become a new support level, is a question no one can answer right now. All it takes is one small Bitcoin tumble to send the markets into disarray once again. Volatility will remain a critical problem in the world of cryptocurrencies for quite some time to come. That also means digital assets such as XRP will be affected by these wild swings.