Categories: CryptoNews

XRP Price Inches Closer to $1.5 Despite Korea Generating 65% of all Trades

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.  

Related Post

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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

6 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago