People who keep a close eye on the cryptocurrency markets will have noticed the XRP price is currently on the rise. With a solid 16.6% gain over the past 4 hours, things are certainly looking pretty interesting. Whether or not this current price trend cna remain intact, is a different matter altogether.
XRP Price Rise is Quite Interesting
This latest XRP price increase comes on the heels of further speculation of how either Coinbase or GDAX will enable trading of Ripple’s native asset. It has become evident these rumors tend to surface every now and then, although they have been proven wrong every single time to date. While it is not impossible to think XRP will effectively make its way to major exchange sin the future, there is no official indication that will happen in the near future.
Even so, these current XRP price rumors are effectively fueling the XRP price spike and pushing it back over $1. Given the issues this market has seen over the past few weeks, returning to above $1 is pretty significant for XRP price speculators as a whole. Over the past seven days, we have seen the XRP price drop as low as $0.89, although that is still a lot higher compared to its value in early 2017.
With this current XRP price trend in place, we are looking at an uptrend the may elevate this value to well above $1.15 in the coming hours. At the same time, more and more people realize Coinbase is not adding XRP anytime soon, although it is possible things will improve in the future. Even so, things are slowly coming together for RIpple as a company. and the real-world use cases for XRP will continue to increase in the future. That will undoubtedly affect the XRP price in the future as well.
With $1.642bn in 24-hour trading volume, things are not looking all that back for the XRP price as of right now. It is evident this increased trading volume is mainly fueled by speculation over the Coinbase addition, which will not materialize anytime soon. Even so, this current trading volume should be more than sufficient to keep the XRP price going for quite some time to come.
As of right now, the vast majority of XRP trading volume originates from the Bithumb exchange. That is not entirely surprising as of right now, as South Korean exchanges tend to inflate the trading volume of specific currencies every now and then. Binance is in second place, albeit they only have a very small lead over Upbit in this regard. It will be interesting to see how all of these markets evolve in the future, as we see three Korean markets in the top five right now.
For the time being, it remains to be seen what the future holds for the XRP price as of right now. With the current momentum in place, things are looking pretty interesting, but maintaining this trend is pretty difficult when looking at the bigger picture. At the same time, it is a matter of time until all markets turn into full-on bullish mode once again. Whether or not that will result in positive momentum for the XRP price, remains to be determined.