After yesterday’s astronomic surge to new heights, it seems the XRP price is not done just yet. Although there has been a fair amount of manipulation to keep prices down, it seems the XRP price is now stabilizing around the $0.55 mark. This is mainly thanks to Bitcoin still struggling for traction, even though no one knows why this momentum has suddenly run out.
No one can deny the recent XRP price surge took them by surprise. Although Ripple has been working hard on their 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 the predictions of $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 hover near the $0.45 mark for most of the time. 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 price 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 $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 moving 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 resulted in rather strong XRP trading volume as well. More specifically, over $2.56bn worth of XRP has changed hands, 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 circulation supply suddenly increasing, the market is looking pretty healthy.
Bithumb is still the largest trading platform for all things XRP right now. Its volume represents 32.28% of all global XRP trades, which is incredibly impressive. Poloniex and Bittrex complete the top three, but Bitfinex is not too far behind either. A fiat currency gateway is vital to the success of any asset and cryptocurrency. Right now, South Korea is the market to be in this regard, as the local populace seems to favor cryptocurrencies like never before.
How all of this 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 end the XRP price down below $0.50 again in quick succession. For now, it doesn’t appear as if any major changes should be expected, but cryptocurrency remains a very unpredictable industry at best.
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.
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