Even though the current cryptocurrency momentum looks anything but promising, there are always some exceptions to take to look into. The XRP price is gaining a lot of value in fairly quick succession right now, whereas Bitcoin is losing a lot of ground in quick succession. Another remarkable turnaround is on the horizon, by the look of things.
XRP Price Notes Strong Gains
Whenever the Bitcoin price loses a lot of value in very quick succession, the altcoins and digital assets on the market will undoubtedly suffer from negative momentum as well. This has been very apparent over the past few days, as all cryptocurrency markets have lost a fair bit of value for an unknown reason. There is one exception to this development, as the XRP price is doing the exact opposite.
Over the past 24 hours, the XRP price has gained a surprising 2.41% in value. That in itself is perhaps the biggest surprise of them all, especially when considering how the Bitcoin price has lost a stunning 6.4% in value during the same 24 hours. Because of these developments, the XRP price has now returned to its previous value of $0.45, although it may continue to rise for some time to come.
Unlike what most people would expect at this time, the XRP price is also on the rise because of strong gains in the XRP/BC ratio over the past 24 hours. With a strong 8.72% increase in this department, XRP is doing something no other altcoin can muster at this stage. Perhaps this is the beginning of a major altcoin rebound people have been waiting for, although it is still too early to say for sure.
The overall cryptocurrency trading volume continues to rise, although it is mostly dominated by people selling Bitcoin and altcoins first and foremost. For XRP, its overall volume is still relatively low compared to what one might expect at this stage. With $270.43m in trades over the past 24 hours, things are looking rather good for the digital asset, although anything can happen in the coming hours and days.
Looking at the exchanges ranked by trading volume, it seems Huobi is maintaining a firm grip on the XRP trading industry. Its USDT pair comes in first place, whereas its BTC pair is in third place. These pairs are separated by BitBank’s JPY pair, which is the first and only fiat currency offering in the entire top seven. HitBTC’s BTC pair and OKEx’s USDT market complete the top five for XRP as of right now.
While it remains unclear why the XRP price is going up given the current market sentiment, it is a very interesting development regardless. Although this trend may not remain in place for much longer, it still shows there’s a lot of life left in the cryptocurrency and digtial asset world at this stage. Whether or not other currencies will follow XRP’s lead by example, remains to be determined in the hours to come.