After yesterday’s astronomic surge to new heights, it appears Ripple is not done just yet. Although there has been a fair amount of manipulation keeping prices down, it seems the XRP price is now stabilizing around the US$0.55 mark. This is mainly due to Bitcoin’s continued struggle for traction, even though no one knows why its momentum has suddenly run out.
XRP Price Still Looks Bullish
No one can deny the recent XRP price surge took them by surprise. Although Ripple has been working hard on its project, most cryptocurrency enthusiasts willingly ignore what the company is doing these days. Rest assured the financial sector is keeping close tabs on the proceedings, as the XRP price is still showing a fair amount of bullish momentum. While earlier predictions of US$2 per XRP may seem impossible, we may see some further price increases in the coming hours.
Over the past 24 hours, we have seen the XRP price mainly hover near the US$0.45 mark. Consolidation and stabilization are an integral part of proper value appreciation for any currency or asset. In the case of the XRP price, we no longer see violent upswings and corrections, but rather a slow and steady push toward a new level. It is pretty interesting to keep an eye on, even if you may not be a big fan of what Ripple is doing these days.
Thanks to this solid momentum, the XRP price has climbed all the way to US$0.56, where it appears to be holding its own quite well for the time being. There have been a few minor breakout attempts, but it seems traders are more than content to keep the value at its current level before it moves up again in force. Whether or not there is any room for growth left as far as the XRP price is concerned remains to be seen. As long as Bitcoin trades sideways, anything is possible.
The past 24 hours have seen rather strong XRP trading volume as well. More specifically, over US$2.56 billion worth of XRP has changed hands in the past 24 hours, which is rather impressive given the low price per token. It is evident the recent lockup of 55 billion XRP is the news most investors and speculators had been waiting for in recent months. With no further concerns over the circulated supply suddenly increasing, the market is looking pretty healthy.
Bithumb is still the busiest trading platform for all things XRP right now. Its 24-hour volume represents 32.28% of all global XRP trades, which is incredibly impressive. Poloniex and Bittrex round out the top three exchanges, but Bitfinex is not too far behind. A fiat currency gateway is vital to the success of any asset or cryptocurrency. Right now, South Korea is the main market in this regard, as the local population seems to favor cryptocurrencies like never before.
How things will play out for XRP largely depends on the Bitcoin price. As much as we would like to see things differently, the Bitcoin price dictates all market momentum for altcoins, tokens, and digital assets. A major Bitcoin price surge will quickly push the XRP price down below US$0.50 again. For now, it doesn’t appear as if any major changes should be expected, but cryptocurrency remains a very unpredictable animal.