It is still too early to determine whether or not all cryptocurrency markets will remain in the green for much longer. Right now, all markets are looking very healthy, even though some assets are making major moves as we speak. If the XRP price is any indication, we may see some wild swings over the next few hours and days. With a strong 53.09% gain during the past 24 hours, the XRP price is back up to US$1.21.
XRP Price Bounces Back in a big way
It has to be said that the cryptocurrency community has no love lost for Ripple or its XRP asset. That is not entirely strange, considering this is not a typical cryptocurrency. Even so, people who enjoy making good money will acknowledge that the XRP price is doing just fine and that it makes for a solid investment opportunity. More specifically, the XRP price has more than doubled in the past four days, which is rather impressive.
As is the case with all cryptocurrencies and digital assets, the XRP price took a major dip in the past week. With the XRP price dropping from US$0.93 all the way to US$0.59, it became evident that these markets will always remain volatile. It is this volatility that attracts so many people, especially those looking for a quick profit. Unfortunately, short-term holders still vastly outweigh those who are in it for the long run, but it seems that situation may come to change.
With a solid 53.09% gain in the past 24 hours, the XRP price is back above US$1.20 for the time being. It is still a long way away from the all-time high of US$3, which was reached a few weeks ago. Whether or not we will see the XRP price return to such a high value in the near future remains to be seen. It has experienced a very strong 37.75% gain over Bitcoin, which will help propel the XRP price to new heights if this trend keeps up.
Thanks to US$3.89 billion in 24-hour trading volume, things are looking pretty good for XRP right now. There is a mounting demand for exposure to this particular asset, even though it is not a traditional cryptocurrency by any means. A lot of investors see the merit in what XRP brings to the table and want to get in on the action. With ZebPay adding XRP as well, it will be interesting to see how this particular market evolves in the weeks and months to come.
Unsurprisingly, the majority of Ripple’s 24-hour trading volume has come from the Bithumb exchange. In fact, all major South Korean exchanges are contributing a lot of volume to the XRP markets right now. Bitfinex and Bitbank are the only non-Korean exchanges in the top five, yet both provide fiat currency gateways for this digital asset. It is evident that money is pouring into cryptocurrencies and digital assets once again, which is a good thing.
It remains to be seen what the future holds for the XRP price. With the current momentum in place, it seems finding price stability should be the top priority right now, but doing so won’t be easy. After all, these markets will remain extremely volatile for quite some time to come. Even though the weekend is usually positive for most markets, it remains to be seen how long the current trend will last. After all, the market only recently witnessed a massive 50% dip, and there’s no reason to think it won’t happen again.