These are interesting times for all cryptocurrencies. After plenty of excitement yesterday, it appears another reality check is on the horizon. Few currencies effectively note any growth, with some even losing value over the past 24 hours. The XRP price is still rising, and reaching $0.50 still remains possible.
XRP Price Momentum Remains Positive
With both Bitcoin and Ethereum facing small setbacks, it seems to be a matter of time until all other markets follow suit. In the case of the XRP price, the positive momentum remains in place despite the current odds. How long that will remain, is a different matter altogether. Volatility still reigns supreme across all markets.
Even so, the XRP price has noted a small growth of 2.48% over the past 24 hours. It is an interesting development, although there is still a ways to go until a value of $0.5 can be reached. The markets are still suffering from a bit of bearish momentum as of right now, and a small decline later today is not out of the question whatsoever.
This XRP price uptrend is the direct result of ongoing gains in the XRP/BTC department. Despite Bitcoin’s minor loss over the past 24 hours, it is not dragging XRP with it just yet. Instead, the ratio improved by 2.88% in favor of the digital asset, which allows the XRP price to remain near the $0.5 level for the time being.
With a notable increase in the 24-hour trading volume, the coming hours look rather positive for Ripple’s native asset. Over $423m worth of XRP has changed hands over the past day, which is a solid increase compared to previous weeks. It also seems to confirm speculators are diversifying their portfolios once again, which can only be considered to be a good thing.
Surprisingly, the vast majority of XRP trading volume doesn’t originate from South Korea. Instead, it is Japan’s Bitbank which dominates the volume, followed by Bithumb and CoinBene. Binance and HitBTC complete the top five, which makes for a rather unusual and interesting mix of exchanges. Two fiat currency pairs in the top three can spell further positive momentum for the XRP price.
As is usually the case, predicting cryptocurrency price momentum is virtually impossible The XRP price is no exception in this regard, as it seemingly follows a completely different pattern compared to other cryptocurrencies. Whether or not that is a good thing, remains to be seen. For now, reaching $0.5 is still possible, but maintaining it is a very different kind of challenge.