The people who assumed XRP’s bull run was over will be quite annoyed when they look at the charts right now. Contrary to what people expected, the XRP price is still going up as we speak. Thanks to a new 6.66% value increase over the past 24 hours, we now have an XRP price of just over $0.27. The quest for each $0.30 is still in full effect.
XRP Price Continues Upward
When the Bitcoin price went through a brief correction over the past 36 hours, all alternative currencies were affected as well. Even though Bitcoin is still recovering as we speak, Ripple’s native asset is making some headway ahead of the rest. More specifically, the XRP price has gone up quite a bit over the past 24 hours, slowly pushing the value to $0.30. Although it remains to be seen if that goal can ever be reached, things look promising right now.
With an XRP price of $0.2726, the 6.66% gain looks as if nothing major has changed. Considering how XRP successfully clings on to the $0.26 level for quite some time now, the XRP price changes will take place well behind the decimal point for the time being. That doesn’t have to be a bad thing per se, though, as it shows demand for this blockchain banking currency is still increasing as we speak.
At the same time, it is good to see the XRP market cap remain well above the $10bn mark. One has to remember the XRP price has exploded in value compared to a year ago. A lot of investors have made solid returns by just holding onto their XRP balance, although there is plenty of profit taking to contend with as well. The chart of the past few days reflects this perfectly, as the XRP price has bounced between $0.24 and $0.27 all week.
Thanks to almost half a billion US Dollars worth of trading volume, XRP is more than capable of sustaining this upward momentum right now. This does not guarantee the XRP price will ever hit $0.30, mind you, but it seems a plausible outcome for the time being. Considering how the currency is gaining value in both USD and BTC value over the past 24 hours, it is evident the bull run isn’t over just yet.
The vast majority of XRP trading volume originates from the Bithumb exchange. Coinone and Korbit complete the top three as we speak. This growing demand by South Korean traders should not be overlooked by any means. They have been flocking to XRP for quite some time and the rest of the world has to follow their lead by the look of things. Bithumb has four times the volume of Coinone, though, which is pretty spectacular.
Although the future looks bright for XRP, cryptocurrency markets remain extremely volatile at all times. Any gains made today can be wiped out in an hour from now for all we know. It will be interesting to see if the XRP price can effectively reach $0.30 in the coming hours and days. All signs point toward a positive outcome, but no one can accurately predict the future whatsoever.
This article was first published by JP Buntinx at The Merkle