Things are pretty much at a standstill in the world of cryptocurrency right now. None of the top cryptocurrencies are seeing any significant gains or losses right now. It is true some currencies are struggling somewhat, but there is nothing to be concerned about whatsoever. The Ripple price is aiming to regain some of yesterday’s losses, although that is much easier said than done, to say the very least.
XRP Price Aims to Reclaim $0.25
A lot can change in the world of cryptocurrency without any real reason behind it. Just a few days ago, it appeared as if the XRP price would finally hit US$0.30 again. Those dreams were quashed pretty quickly, as the XRP price soon started dropping rapidly. At one point, the XRP price almost broke the US$0.20 support, but things never escalated to such a degree. That doesn’t mean we are out of the woods just yet, though.
There is one positive sign on the horizon for the XRP price. While nearly all currencies in the top 10 are at breakeven or losing value, the XRP price is actually going up. Although the gain is very small and will be ignored by most people, it seems we may see the XRP price head back to US$0.25 in the coming days. Right now, one XRP is valued at just US$0.215, which leaves plenty of room for growth.
Whether or not that growth will actually materialize remains a big question for the time being. It is certainly possible we will see another leg down before the XRP price can mount any sort of comeback toward US$0.25. The markets are pretty volatile right now, even though Bitcoin looks rather solid for the time being. Whenever there is a lull in volatility, speculators will make their move in either direction. It is certainly possible we will see XRP drop to around US$0.17 or lower, given the current market conditions.
For the time being, however, things look pretty decent for XRP. Thanks to a 1.5% gain in value over the past 24 hours, we are also seeing an increase in the trading volume once again. With just under US$310 million in daily volume, the demand to trade XRP is certainly there. Whether or not there is enough support to maintain the current price or note future gains remains to be determined. A retracement often leads to higher values, though one never knows for sure where the bottom is situated.
The vast majority of current XRP trading volume comes from the South Korean exchanges once again. Bithumb, Coinone, and Korbit are all among the top three, although Bithumb clearly has the edge. Its 24-hour volume is almost US$100 million higher than that of Coinone, and US$120 million higher compared to Korbit. No one else comes even close to these numbers. This seems to hint that there will be a lot more volatility in the XRP markets throughout the rest of the day and into the weekend.
A lot of people are wondering when to buy into XRP. Right now seems to be an opportune moment, but with the markets in their current state, there is no reason to overbuy either. It seems a given that the XRP price will retest that US$0.20 mark sooner or later, which is a pretty solid point of entry for the time being. Always do your own research before committing to any sort of trading activity, though.