As we had expected yesterday, the XRP price has continued its uptrend without too many problems. With every XRP worth over US$3 as we speak, it is evident this digital asset is of great interest to investors and speculators all over the world. As is always the case, there is bound to be a correction at some point. For now, though, the bulls are still in control.
What’s Next for the XRP Price?
If there is one unwritten rule in the world of cryptocurrency, it is that these markets never work out the way most people expect them to. Common sense and logic are often absent when it comes to cryptocurrencies and digital assets, although that doesn’t always have to be a bad thing. The people who firmly believe that Ripple and its XRP asset will succeed have proven all of the naysayers wrong in recent weeks, but it remains to be seen if this uptrend can be sustained for much longer. After all, the gains have been quite substantial, and a correction will have to occur at some point in the future.
To put this into perspective, the XRP price has seen some major growth in the past week. Rising from a value of just over US$1.20 all the way to US$3.60 may not seem all that spectacular to the untrained eye. At the same time, one has to keep in mind there are nearly 39 billion XRP in circulation across all exchanges. This makes it a lot more difficult for this asset to gain significant value overnight, or so everyone thought. Just yesterday, we saw the XRP price move from US$2.76 all the way to US$3.83 before a minor correction set in. It should be noted that this correction was mainly due to the Bitcoin price going down again.
One question a lot of people have is whether or not there is further room for growth in the XRP department. Right now, the most obvious answer is “not really”, but that is what people assumed when XRP hit US$1 as well. Right now, the XRP price is correcting a bit, but it has done so every few hours over the past week.
With over US$8.64 billion in 24-hour trading volume, things have moved to the next level for XRP. It is the first time that this digital asset has successfully maintained heightened trading volume for several days in a row. Do keep in mind that the overall cryptocurrency trading volume has risen spectacularly over the past few weeks, and thus it is only normal that the top currencies would see more trades as well. Still, US$8.64 billion is pretty impressive, especially for an asset that can’t even be considered a cryptocurrency.
Leading the market rankings by trading volume is none other than Bithumb, followed by Bitfinex and Coinone. Three fiat currency markets being present among the top three seemingly confirms that a lot of fresh capital is entering the XRP ecosystem right now, which is pretty interesting to take note of. Bithumb’s KRW market has generated close to 33.7% of all trades for XRP in the past 24 hours, which is nothing short of amazing. Bitfinex’s USD market and Coinone’s KRW market generated US$794 million and US$664 million respectively, which is also pretty impressive. The demand for XRP is genuine, although it could still dry up at any given moment.
How all of this will play out for the XRP price in the future remains to be determined. There is still plenty of room for further growth, although one has to beware of the correction which is bound to happen sooner or later. The cryptocurrency and digital asset markets are extremely volatile right now, and caution is more than warranted at this point in time.