It would appear another major price reversal looms on the horizon for all major cryptocurrencies. After a very rough period over the past few days, most of the markets are on the road to recovery. The XRP price is leading the charge among top 10 currencies with a solid 2.54% increase. If this trend keeps up, things will certainly get pretty interesting moving forward.
XRP Price Trend Gives Hope
With another battering taking place across all cryptocurrency markets over the past few days, few people had expected any positive momentum to come out of it so soon. In the case of the XRP price, the going has been tough these past few days. This is on par with all other major cryptocurrencies, for rather obvious reasons.
Over the past seven days, the XRP price has dropped from $0.67 all the way to nearly $0.56. It is a pretty steep decline for this currency, although it is a direct result of the issues affecting Bitcoin and other major currencies. Even so, this most recent 2.54% XP price increase is well worth keeping an eye on, a sit may signal the beginning of an overall trend reversal. It is still too early to tell if that will be the case, though.
There is also a small increase in the XRP/BTC ratio over the past 24 hours. While a 1.12% change will not get anyone excited by any means, it is still pretty significant given the overall bearish pressure across all markets. It also shows the XRP price will only perform well when the Bitcoin value is going up. That same problem applies to all other currencies which are not Bitcoin, unfortunately.
Similar to most other currencies, Ripple’s native asset is struggling for trading volume. While XRP still notes $277.27m in trades over the past 24 hours, it is a lot lower compared to the $1bn and more people have seen in late 2017. For the time being, it seems highly unlikely the XRP trading volume will return to that level in the near future, although anything can happen in this crazy industry.
Despite the lower trading volume, Bitbank remains the leader in terms of XRP trading altogether. Its JPY pair is well ahead of Bithumb’s KRW market and OKEx’s USDT pair. To complete the five, we have HitBTC’s BTC market and Huobi’s USDT pair. A pretty decent mix of different trading markets, albeit only two fiat currencies in the top five. It will be interesting to see if that hinders the XRP price growth moving forward.
As is always the case when positive XRP price momentum occurs, it remains to be seen how long this new trend will last. For the time being, it is still too early to tell if any short-term growth can be expected, as the bearish pressure is still far too tangible at this point. Even so, if the XRP price can hit $0.6 and remain there for a while, things will continue to look up moving forward.