Categories: Ripple

XRP Price Rises to $0.56 Thanks to Slow and Steady Growth

Click here to view original web page at themerkle.com

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.

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 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.

About The Author

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.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

1 hour ago

Thai Crypto Scene Still Reeling From Top Exchange Bailout

Thailand’s vibrant digital asset scene was shaken earlier this month when its most popular exchange unexpectedly announced an imminent closure.… Read More

1 hour ago

A Blockchain-Enabled SIM Card? How This Could Change Our Mobile Experience As We Know It

Distributed, Decentralized, Disintermediating While still in its infancy with regards to proven capabilities and real-life adoption, blockchain technology remains one… Read More

1 hour ago

Blockchain privacy explained

Blockchain does not require user identification in the same way as other technologies. Unlike the Internet, where users are tracked… Read More

1 hour ago

Bitcoin mining hurts our climate

Transcript You can enable subtitles (captions) in the video playerBitcoins hold the potential to revolutionise our economy in so many… Read More

1 hour ago

Chocolate Not Drugs the Future of Bitcoin Commerce

- Tim Tams sold for BTC on Online Blockchain's new crypto marketplace site - LONDON, Sept. 17, 2019 /PRNewswire/ --… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More