XRP Price Rises Slowly as Tencent Confirms Interest in Ripple’s Currency

With all of the top markets enjoying some positive momentum, one would expect the likes of XRP to note strong gains. While there is indeed a minor uptrend in place, it is far from spectacular. Despite this somewhat disappointing rise in value, some community members are convinced the XRP price is effectively heading to the moon once again.

XRP Price Momentum Is off to a Slow Start

While it is evident XRP hinges on Bitcoin’s price momentum these days, one would expect there to be some differences. At this time, both projects are rising in value in a very similar fashion. Both markets note equally strong gains, but other markets are seemingly moving up a lot quicker. That is a bit unusual where

XRP is concerned, although the current momentum is not bad by any stretch of the imagination.

Over the past few hours, the XRP price has risen by 2.5%. It is a remarkable figure, although not necessarily the percentages traders and speculators had hoped for. The 0.43% deficit in XRP/BTC is rather interesting as well, although it might not necessarily remain in place for much longer. Ripple’s native asset is also one of the few projects effectively losing ground to Bitcoin right now.

There appears to be a genuine reason for excitement where XRP is concerned. Tencent has confirmed it will “embrace the RIpple currency” in the coming months and years. The technology giant is expanding its focus on blockchain technology. They have not confirmed how they will use this technology or asset exactly, but it is still a pretty bullish sentiment regardless.

XRP to the M is a Twitter account which is clearly not in favor of jumping to conclusions too quickly. More specifically, it appears as if this “one cent improvement” is being celebrated as a major victory. This user would much rather likely to see some less excitement until this asset hits a value of $1 again. If and when that will happen, remains to be determined at this point.

Related Post

RippleCrippler is trying to ensure the rest of the community remains level-headed first and foremost. Considering how there is a good chance this asset will go through a correction fairly soon, it is important to not get ahead of oneself under these circumstances. However, RippleCrippler also expects this new uptrend to attract some FUD in the process. A bit of a cynical outlook, although developments like these have transpired before.

For the time being, it is pertinent to put this XRP uptrend into its proper perspective. There is positive market momentum, yet that doesn’t automatically mean the trend will continue along this path for very long. Additionally, one has to wonder how the XRP/BTC ratio will evolve over the coming hours.  With most one-hour candles looking a bit bearish again, any scenario remains viable.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

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.

Published by
JP Buntinx

Recent Posts

Crypto Kings: Trends You Must Follow For Top Gains

There is something every investor must know about the crypto market. There are trends that…

23 mins ago

Smart Traders Pile Into $MOG As Token Continues To Break All-Time Highs

In the ever-dynamic world of cryptocurrency, $MOG has been a standout performer, breaking its previous…

5 hours ago

Tether Treasury Mints 1B USDT As Whales Inject 278.7M Into Crypto Market

Yesterday, the Tether Treasury minted another 1 billion USDT on the Tron Network, marking the…

5 hours ago

Real World Assets In DeFi Reach $3.89 Billion TVL, Marking Major Milestone

As of July 2024, the Total Value Locked (TVL) for Real World Assets (RWA) in…

6 hours ago

Ethena Protocol Surges In Stablecoin Supply And User Adoption

The Ethena protocol has experienced impressive growth in 2024, particularly in the supply of its…

6 hours ago

DeFi Blue Chips Poised For Breakout Despite Record Low Valuations

Despite lagging in 2023, DeFi 1.0 assets are now positioned for a significant breakout. DeFi…

6 hours ago