Now that nearly all of the top cryptocurrencies are in the green again, traders and speculators breathe a sigh of relief. That is only normal, even though the overall bearish pressure has not officially relented just yet. In the case of XRP, the current momentum seems promising, as $0.45 has been reached once again.
XRP Price Momentum Improves Again
It has not been a good start to the week for XRP and other assets by any means. Instead, most markets noted a small dip, which is only to be expected. It now seems things are turning around for the better again, although the overall momentum remains relatively uncertain. Sustaining gains has been an ongoing struggle throughout 2018.
Over the past 24 hours, there has been a notable increase in XRP’s value. While a 2% gain in USD value is not shocking by any means, it certainly seems preferable to a net 3% loss. There is also a small 1.5% gain over Bitcoin, which further confirms this XRP trend might remain in place for a little while. A strong push does not appear imminent just yet, but the early signs are promising.
The big news this week is how Ripple will continue its push into the Middle East over the coming years. A new office is being set up in Dubai, which is a crucial region for finance in this part of the world. It is also a major hub for wealth, which can expose a lot of additional people to XRP in the coming years.
— Cryptoify (@cryptoify) November 1, 2018
The second part of the Middle East announcement is related to Ripple’s ongoing expansion as well. Their RippleNet venture now has over 200 members worldwide, which is a very bullish indicator. Not that long ago, RippleNet passed the 100 members milestone, and it seems that triggered another “shockwave” of interest in recent months. Cross-border payment liquidity has been a key problem in finance for some time now.
For those who value a technical analysis point of view, Krypto Wave Trader keeps a close eye on the XRP market. His indicators seem to show a nice bull flag is forming for the near future, although the breakout has yet to materialize at this time. It is not unlikely XRP will be the first asset in the top five to note major momentum moving forward.
— Krypto Wave Trader [BTC to 3500$] (@kryptowavetradr) November 1, 2018
The bigger question is how long this latest uptrend can be sustained. If the rest of 2018 is any indication, it is evident there will be a reversal prior to the weekend. Even so, a new month has begun today, which usually creates some unusual trading behavior first and foremost. For the XRP price, the coming hours can be crucial.
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.