It has been a rather interesting week for fans of Ripple and XRP price speculators. Although most people assumed surpassing $2 was only a temporary measure and would eventually lead to a crash, nothing of the sort has happened so far. In fact, it seems the XRP price is intent on setting a new all-time high and potentially even surpass $3 this week. A remarkable turn of events, that much is certain.
XRP Price run Isn’t Over Just yet
Truth be told, very few people had expected Ripple’s XRP would even surpass the $1 value. When this digital asset reached $0.25, many people felt it was overvalued already, even though that is not necessarily the case. Given the industry Ripple is targeting with their technology and native asset, there is still a lot of room for future growth in the coming years. After all, the banking sector processes trillions of dollars every day and if they can save on overhead costs, they will gladly do so.
Whether or not XRP is the answer to the bank’s problems, remains to be seen. Just like cryptocurrencies, the XRP asset is highly speculative in value right now. It can be traded against cryptocurrencies, which means it is subject to far more price fluctuations than most people would be comfortable with. So far, the XRP price holds its own above the $2 level with relative ease, though. Not many people expected this growth would be sustainable for more than a day, but things have an interesting way of working out these days.
In fact, it seems the XRP price momentum may very well result in a new all-time high sooner rather than later. If this current trend keeps up, there’s no reason to think we won’t see an XRP price of $3 and higher by the time this week is over. After all, we now see an XRP price of $2.75, and the momentum is still very bullish at this point in time. There are no guarantees in the world of investing, though, especially when it comes to cryptocurrencies and digital assets.
Thanks to a stunning $4.5bn in 24-hour trading volume, it becomes even more apparent we may see some major XRP price changes in the coming days. It is evident there is a genuine demand for XRP right now, although it remains to be seen whether the demand continues to outweigh the selling pressure. After all, it heavily depends on what Bitcoin does in this regard. So far, Bitcoin has not made any major impression this year, although things could have played out a lot worse as well.
Bithumb is the leading exchange for XRP trading volume right now, which is not entirely surprising. Their lead over Binance and Bitfinex is quite spectacular, although we see four exchanges compete for the number two to four spots right now. Three fiat currency markets in the top three for XRP is quite interesting, especially for a digital asset such as XRP. More fresh money entering the ecosystem will usually lead to further price increases, although it remains to be seen how things will play out for XRP in this regard.
Looking at things from a neutral point of view, it is evident XRP is not done just yet. In fact, we may see its value increase even further in the coming hours and days. If the XRP price were to surpass $3, things will get very interesting, to say the least. Especially as it would automatically mean XRP continues to gain on Bitcoin. Overtaking the world’s largest cryptocurrency in market cap will be quite a challenge, but stranger things have happened last year. These are very exciting times for cryptocurrency and digital asset enthusiasts, to say the very least.