It has been a rather interesting week for fans of Ripple as well as XRP price speculators. Although most people assumed that surpassing US$2 was only a temporary event and would eventually lead to a crash, nothing of the sort has happened so far. In fact, it seems the XRP price is intent on setting a new all-time high and potentially even surpassing US$3 this week.
Ripple’s run Isn’t Over Just yet
Truth be told, very few people had expected that Ripple’s XRP would even surpass the US$1 value. When this digital asset reached US$0.25, many people felt it was overvalued already, even though that was not necessarily the case. Given the industry Ripple is targeting with its technology and its native asset, there is still a lot of room for future growth in the coming years. After all, the banking sector processes trillions of dollars every day, and if they can save on overhead costs, they will gladly do so.
Whether or not XRP is the answer to banks’ problems remains to be seen. Just like cryptocurrencies, the XRP asset is highly speculative right now. It can be traded against cryptocurrencies, which means it is subject to far more price fluctuations than most people are comfortable with. So far, the XRP price has held its own above the US$2 level with relative ease, though. Not many people expected this growth would be sustained for more than a day, but things have an interesting way of working out.
In fact, it seems the XRP price momentum may very well result in a new all-time high sooner rather than later. If this current trend keeps up, there’s no reason to think we won’t see an XRP price of US$3 or higher by the time this week is over. After all, the current XRP price is US$2.75, and the momentum is still very bullish at this point in time. There are no guarantees in the world of investing, though, especially when it comes to cryptocurrencies and digital assets.
Thanks to a stunning US$4.5 billion in 24-hour trading volume, it’s clear we may see some major XRP price changes in the coming days. It is evident there is a genuine demand for XRP right now, although it remains to be seen whether the buying demand continues to outweigh the selling pressure. After all, it heavily depends on what Bitcoin does in that regard. So far, Bitcoin has not made a positive impression this year, although things could have played out a lot worse.
Bithumb is the leading exchange for XRP’s trading volume right now, which is not entirely surprising. Its lead over Binance and Bitfinex is quite substantial, although we’re seeing four exchanges compete for the #2 to #4 spots right now. The fact that there are three fiat currency markets among Ripple’s top three is quite interesting, especially for a digital asset such as XRP. More fresh money entering the ecosystem will usually lead to further gains, although it remains to be seen how things will play out for XRP.
Looking at things from a neutral point of view, it is evident XRP is not done just yet. In fact, we may see its value increase even further in the coming hours and days. If the XRP price were to surpass US$3, things would get very interesting, as it would mean that XRP was continuing to gain on Bitcoin. Overtaking the world’s largest cryptocurrency by market cap will be quite a challenge, but stranger things happened last year. These are very exciting times for crypto enthusiasts, to say the very least.