With the way things are going in the cryptocurrency market right now, fireworks are around the corner. As the total market cap is on its path to surpassing $350bn again, things look very promising indeed. The XRP price is noting some very strong gains right now, as its value surpassed $0.7 for the first time in nearly four weeks.
XRP PRICE IS RISING RAPIDLY
As has been the case for all cryptocurrencies in the past few weeks, the momentum seems to turn in favor of this new paradigm once again. Although it is still too early to tell whether or not this is the beginning of something new, the current momentum seems to be pretty positive. For the XRP price, there has been a steady rise from $0.48 to $0.7 over the past week and a half.
Although this is still far removed from the XRP all-time high late last year, it is still well above the $0.2 level we saw for XRP throughout most of 2017. Keeping the bigger picture in mind is paramount in the cryptocurrency world, as the overall trend has been positive for the past few years. As of right now, we are looking at an XRP price of $0.717, which is a welcome change compared to how things were looking just two weeks ago.
While there is a 5.34% gain over the past 24 hours, it is not the most spectacular number we have seen across the markets. Even so, there’s also a 4.06% gain over Bitcoin, even though the world’s leading cryptocurrency has also been on the rise over the past few days. If this trend keeps up, the XRP price will hit $0.75 in the coming days without too many problems.
The demand for trading XRP is not slowing down either. More specifically, we have a 24-hour volume of $791.21m, which is more than respectable for a currency in the position of XRP. At the same time, one has to keep in mind XRP has never been the most liquid market in this regard, and the current volume seems to be on par with what people would normally expect out of XRP.
Unsurprisingly, South Korea and Japan are driving the XRP trading volume as of right now. Bithumb is keeping a firm hold on the market, followed by Bitbank and Upbit. There are three fiat currency pairs in the top three for XRP, which is not something we see every day. Even so, it goes to show Asia is still pretty confident this digital asset will make a positive impact throughout 2018. Only time will tell if those expectations can be met in a meaningful manner.
For the time being, the XRP price is looking pretty solid. If support can be found near the $0.7 level, things will undoubtedly get very interesting moving forward. This new wave of positive momentum is exactly what the cryptocurrency and digital asset needs right now, as the past few months have been anything but positive. Even so, the long-term trend has always been bullish, and there’s no reason to think the bear market will continue indefinitely.