The big question this week is whether or not the cryptocurrency markets will recover or continue to suffer from bearish pressure. So far, it seems as if some minor gains will be noted throughout the day, although Bitcoin is still struggling in this regard. The XRP price, on the other hand, is slowly making its way back to the $0.75 mark. A positive trend that may effectively spell positive things to come for other cryptocurrencies.
XRP PRICE MOMENTUM LOOKS PROMISING
After the setbacks of late last week, it is good to see most cryptocurrencies recover a bit on this day. It is evident there is still a lot of work left to be done before things return to normal, but the current XRP price trend looks rather promising. With some solid overnight gains, the value per XRP is slowly heading back to $0.75, which is a pretty interesting development.
Thanks to the 5.97% gain over the past 24 hours, the XRP price sits at $0.7346. It is a far cry from the all-time high of late 2017, but the same can be said about virtually all other cryptocurrencies as well. There has been a fair amount of bearish pressure on all cryptocurrencies over the past few months, but things will have to improve eventually.
It is also interesting to note how the XRP price is rising thanks to solid gains over Bitcoin in the past 24 hours. More specifically, the XRP/BTC ratio has improved by 6.6%, which comes at a rather interesting time. After all, the Bitcoin price is still in the dirt right now, as recovering a lot of the lost value is proving to be far more challenging than people would like to see. Even so, it seems most markets will recover fairly quickly, which is positive news for altcoin and asset speculators.
With $643.762m in 24-hour XRP trading volume, it has become evident this asset is not necessarily the most liquid trading market. In the past, we have seen XRP generate over $1bn in trading volume with relative ease, although there is a general setback in terms of overall cryptocurrency trading volume to contend with. For now, this lower volume isn’t holding the XRP price back too much, but things will need to pick up sooner rather than later.
The way things stand right now, Bitbank is the leading exchange in terms of XRP trading volume. This Japanese platform has become a powerful entity in the world of cryptocurrency, which is an interesting trend. Bithumb is in second place, followed by Huobi’s USDT pair. Upbit and Bitfinex complete the top five, which means there are four fiat currencies generating a lot of XRP trading volume right now.
Whether or not the XRP price can hit $0.75 later today, remains to be determined. Anything is possible in the cryptocurrency industry these days, and the market trend seemingly makes far less sense now compared to a few years ago. Even so, the XRP price is enjoying some positive momentum, and traders will take advantage of it while it lasts. So far, the push toward $0.75 is in full effect, but there is still a fair bit of market resistance to contend with.