Even though the early morning hours showed signs of a major cryptocurrency market reversal, things may not necessarily pan out in a positive manner. There is still a lot of bearish pressure across all markets, and it seems most currencies have begun retracing. The XRP price is no exception, although it still seems relatively stable near the $0.35 mark.
XRP Price Can’t Sustain Gains
It is anything but surprising to learn no cryptocurrency or digital asset can sustain an uptrend right now. This has been pretty much impossible since March of 2018, and there is no real change in sight just yet. Even XRP, widely considered to be “the standard” is incapable of maintaining an uptrend right now. That doesn’t mean the asset isn’t in a good place, though.
Over the past 24 hours, there has been a small uptrend for XRP in the USD and BTC department. A net 1% gain in USD value and a small 2% gain on Bitcoin show there is still some enthusiasm associated with XRP at this current stage. That also confirms things may begin to improve moving forward, although the stability near $0.35 will prove to be crucial in this regard first and foremost.
One peculiar XRP-related development is currently taking the community by storm. A new WordPress plugin has been released which effectively introduces XRP tipbot functionality. As such, anyone with a WordPress site can receive XRP tips, although it impossible to explore all kinds of business opportunities in this regard as well. More use cases for XRP is always a good sign, even though this may have a minimal impact first and foremost.
The second bit of news comes in the form of the Japanese Coincheck exchange. This platform has resumed support for XRP buying and trading, which is a positive sign. Although it remains unclear what this will mean for the XRP price exactly, the news is considered a small victory. This is also great news for Coincheck itself, as overcoming a major hack is no easy feat for any cryptocurrency trading platform.
— Coincheck(コインチェック) (@coincheckjp) November 26, 2018
As one would come to expect during these volatile periods of cryptocurrency trading, arbitrage opportunities are not hard to come by. In the case of XRP, there is a nice triangular opportunity, although it involves using three different exchanges. Except for Kraken, it is a bit unclear whether or not these other platforms have sufficient liquidity to make this opportunity appealing to a lot of traders.
Although there is some positive momentum associated with XRP right now, it seems evident this asset will suffer from the overarching bearish trend as well. Whether or not that will push the value down to $0.35 again, is difficult to predict. Even if that were to be the case, it only further confirms how critical that price level will be for XRP moving forward. For now, traders need to remain patient first and foremost.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.