After a bit of a rough day yesterday, most cryptocurrency markets are in the green once again. This is a positive trend, especially when considering how yesterday’s dip was completely unwarranted. The XRP price is one of the strongest gainers once again, as its value has been pushed back up to $1.09. Although this is still quite a long way removed from the all-time high XRP price, it is evident we will see a big market recovery later this year.
XRP Price Surges by 11.5%
It is evident yesterday’s mini dip took a lot of cryptocurrency users by surprise. More specifically, we have seen a lot of positive momentum for most of last week, yet Sunday has proven to be a major exception. While no major losses were recorded when everything was said and done, it does show cryptocurrency markets will remain rather volatile for quite some time to come. The XRP price certainly is no exception in this regard, as it dipped below $1 last night.
To put this recent price swing into perspective, the XRP price rose from $0.6 to $1.2 during last week. To a lot of people, this seemed as if it was the beginning of a major recovery, but a lot of market makers had other ideas. By pushing the XRP price back to down $0.94 over the weekend, it quickly became apparent this current path to recovery will be a lot longer than most people would like. Unfortunately, there is nothing we can do to speed things up in this regard, as we will have to take the good with the bad days.
With the XRP price noting a strong 11.52% bounce in the past 24 hours, things are looking rather positive for the time being. It is also worth noting XRP has gained 1.57% over Bitcoin, although it is to be expected this trend will reverse at some point. Especially with the Bitcoin price noting some interesting gains, it is evident all other markets will see their BTC ratio retrace a bit. Then again, cryptocurrency markets are unpredictable first and foremost, and things may turn out very differently.
With $2.521bn in 24-hour trading volume, there is no lack of interest in XRP as of right now. It is good to see more and more traders focus on this digital asset, even though it is not a traditional cryptocurrency whatsoever. More investors demand exposure to different cryptocurrencies and digital assets as we speak. XRP is in rather high demand right now, and a few major exchanges around the world recently added it to their trading platforms.
Most of the XRP trading volume is once again originating from South Korean exchanges. Bithumb, Upbit, and Coinone are all in the top three, which represents over 68% of all global XRP trades. Bitfinex is the first non-Korean exchange on the list, and they generate $144.6m in 24-hour volume. Bitbank completes the top five with its XRP/JPY trading pair generating $78.98m in volume. All things considered, this is a positive trend, as we see five fiat currency markets in the top five.
It is unclear what the future will hold for the XRP price right now. With this current positive trend in place as we speak, it is certainly possible we will see an XRP price of $1.2 in the near future. For now, there is still plenty of volatility affecting all trading markets, and it is equally possible we will see the XRP price hit $1 or lower this week. There is no common sense in the world of cryptocurrency right now, which makes for a rather interesting week up ahead.