RIPPLE XRP PRICE REMAINS ON TRACK

RIPPLE XRP PRICE REMAINS ON TRACK

Big was people’s surprise when they suddenly saw the XRP price move all the way to $1 and beyond yesterday. Although some level-headed people know that is still a low value for what this digital asset has to offer, XRP is not safe from wild cryptocurrency fluctuations either. In the past, the XRP price would be heavily linked to Bitcoin’s value. These days, that seems to be a thing of the past, although there’s still some minor correlation between the two.

More specifically, the XRP price hit $1.34 before Bitcoin started going down a  very slippery slope. As is the usual case, the XRP price dropped a bit, then bounced back, before dropping again. In most cases, most gains would be wiped out completely, but that was not the case. Even at its lowest, XRP never traded below $0.85.  Fast forward to right now, and that same XRP is trading at $1.07 once again. Quite a remarkable feat, but then again, Ripple’s asset is not like your average cryptocurrency in any way.

While the XRP price is still pretty unstable right now, it holds its own quite well. After all, it’s the only asset or currency in the top 10 which still has a near 20% gain in BTC value compared to 24 hours ago. All altcoins dropped significantly in both fiat and Bitcoin value, which is only normal. Whether or not this means the XRP price is effectively decoupled from Bitcoin other than for a few loose threads, is very difficult to gauge. Both markets cater to very different crowds, for obvious reasons.

With over $4.69bn in trading volume, it is safe to say the demand for XRP hasn’t diminished all that much. In fact, it may very well be a safe haven to protect users from Bitcoin price volatility right now. This digital asset is still subject to major speculation, though, which is only normal for any currency or asset traded against cryptocurrencies. At the same time, Ripple’s asset is not your average speculative tool by any means either.

Unsurprisingly, most of the trading volume comes from Bithumb. All Korean exchanges project an XRP price of $1.26 or higher. It is obvious the South Korean crowd never partook in the massive panic affecting all cryptocurrencies and assets. It is unclear why the west suddenly decided to ruin most people’s Christmas, but we will never find out what drove this sudden craze. Rest assured more people would love to take advantage of this arbitrage opportunity with Korean platforms.

For now, it’s unclear what the future holds for the XRP price. We may very well see a push to $2 and higher materialize a lot sooner than people think. Once all of the Bitcoin shenanigans are over again, things will certainly get very interesting for all altcoins and assets. For now, the XRP price is doing what most other currencies fail to do: hold on to previous gains, for the most part.

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