In a rather surprising turn of events, it seems the XRP price is slowly starting to mount a comeback. The XRP price has taken a major beating in the past two weeks, but the momentum is slowly turning in favor of Ripple’s asset once again. With a value of over US$2, things certainly look pretty solid right now. Given all of the market volatility, it is still too early to speak of a major comeback, though.
XRP Price Momentum may Turn Bullish Again
No one can deny all cryptocurrencies are going through a very rough patch right now. More specifically, there is no stability whatsoever, and US$50 billion swings in the industry’s overall market cap are not all that uncommon. This also means most currencies will go up or down in value in quick succession, which creates both buying and selling opportunities. In the case of Ripple’s XRP, things have not gone smoothly by any means. The all-time high of over US$3.50 is very far away, and we may never see it again.
To be sure, there is some solid XRP price momentum taking place right now. Although all of these gains can easily be wiped out in the coming hours, things are looking rather positive right now. In the past 24 hours, the XRP price has risen by 13.74% against USD and 13.63% against BTC. The latter point is rather interesting, as Bitcoin seems to be the most important market for Ripple’s digital asset right now. If Bitcoin tanks in value like it has been doing steadily for the past few weeks, the XRP price will struggle quite a bit as well.
At the same time, we often see the XRP price go up when Bitcoin suddenly drops in value. It is clear that these currencies are not competing with one another, but they are linked regardless. For now, this seems to have worked out quite well for XRP, and it is good to see the price having peaked above US$2 once again. There is still a very long road to recovery ahead, but one has to start somewhere.
With over US$5.68 billion in 24-hour trading volume, things are certainly looking up for Ripple and its XRP asset. This trading volume had taken a bit of a hit in the past week, but things are finally looking up again. With such strong volume, it’s become even more obvious that cryptocurrency enthusiasts should diversify their portfolios first and foremost. Although XRP isn’t a cryptocurrency, it can be traded against Bitcoin on virtually most big exchanges. As the Bitcoin price isn’t doing too well, this altcoin will become a lot more popular in the near future.
Unsurprisingly, Korean exchanges reign supreme among the various XRP trading platforms. More specifically, Bithumb has generated over US$2.1 billion in volume over the past 24 hours, which represents nearly 38% of all trades made worldwide. Coinone is in second place, with 8.81% of all trades. Binance is the first non-Korean exchange on the list with its XRP/BTC market. Bitfinex is the first non-KRW market on the list, with US$489.4 million in volume. It’s an interesting situation, even though South Korean prices have no influence on CoinMarketCap.com’s global market average any longer.
Whether or not the XRP price will succeed in surpassing US$3 again remains to be determined. Right now, that seems highly unlikely, although weirder things have happened in the cryptocurrency world before. Until the Bitcoin price shows some movement again – or people finally stop using it as the default value metric for other currencies – no major shakeups should be expected. Then again, this is the most unpredictable trading market we have seen to date, as anything and everything can happen.