XRP Price Surpasses $3.6 as Bulls Remain in Control
XRP Price Surpasses $3.6 as Bulls Remain in Control
If there is one unwritten rule in the world of cryptocurrency, it is how these markets never work out the way most people would expect them to. Common sense and logic are often absent when it comes to cryptocurrencies and digital assets, although that doesn’t always have to be a bad thing. The people who firmly believe Ripple and their XRP asset will succeed have proven all of the naysayers wrong in recent weeks, but it remains to be seen if this uptrend can be resumed for much longer. After all, the gains have been quite substantial, and a correction will have to occur at some point in the future.
To put this into perspective, the XRP price has seen some major growth in the past week.Rising from a value of just over $1.20 all the way to $3.60 may not seem all that spectacular to the untrained eye. At the same time, one has to keep in mind there are nearly 39 billion XRP in circulation across all exchanges. This makes it a lot more difficult for this asset to gain major value overnight, or so everyone thought. Just last night, we saw the XRP price move from $2.76 all the way to $3.83 before a minor correction set in. At the same time, this correction is mainly due to the Bitcoin price going down again.
One question a lot of people have is whether or not there is further room for growth for the XRP price. Right now, the most obvious answer is “not really”, but that is what people assumed when XRP hit $1 as well. It is evident the markets are very irrational right now, and very strange things will happen at some point in the future. Right now, the XRP price is correcting a bit, but it has done so every few hours over the past week.
With over $8.64bn in 24-hour trading volume, things have moved to the next level for XRP, to say the very least. It is the first time in history this digital asset successfully maintains its increased trading volume for several days in a row. Do keep in mind the overall cryptocurrency trading volume has risen spectacularly over the past few weeks, thus it is only normal the top currencies see more trades as well. Still, $8.64bn is pretty impressive, especially for an asset that can’t even be considered to be a cryptocurrency whatsoever.
Leading the rankings by trading volume is none other than Bithumb, followed by Bitfinex, and Coinone. Three fiat currency markets in the top three seemingly confirms a lot of fresh capital is entering the XRP ecosystem right now, which is pretty interesting to take note of. Bithumb is generating close to 33.7% of all trades for XRP right now, which is nothing short of amazing. Bitfinex and Coinone generate $794m and $664m respectively, which is also pretty impressive. The demand for XRP is genuine, although it can still dry up at any given moment.
How all of this will play out for the XRP price in the future, remains to be determined. There is still plenty of room for further growth, although one has to beware of the correction which is bound to happen sooner or later. Whether or not this will result in a major price reversal, has yet to be determined at this point. The cryptocurrency and digital asset markets are extremely volatile right now, and caution is more than warranted at this point in time.
XRP Price Surpasses $3.6 as Bulls Remain in Control
Reviewed by mir khaleq ali
on
03:28
Rating:
Reviewed by mir khaleq ali
on
03:28
Rating:
No comments: