After two days of solid gains, it seems the XRP price is finally cooling off a bit. Do not be tricked into thinking this rally is over automatically, a sit seems there is still a strong desire to regain lost value against Bitcoin. Even though the world’s leading cryptocurrency is on a tear right now, we will see some more interesting XRP price movement over the next few days and possibly weeks.
XRP Price Stands its Ground
Whenever the Bitcoin price goes up, most altcoins will immediately drop in value. This often affects both the USD and BTC value, although that latter part is only natural at that point. In the case of the XRP price, however, it seems the momentum is not over by any means. We see a strong USD value of nearly $0.80, whereas the BTC value is still at 0.00004451. It is evident this digital asset has no real ties with Bitcoin right now, even though it is still traded on cryptocurrency exchanges.
Granted, it almost appeared as if XRP was going to surpass 6,000 Satoshi yesterday. The momentum was eventually cut short by the mounting Bitcoin price, but the momentum is still in place. More specifically, the XRP price measured in BTC is still up by 25.4 % compared to 24 hours ago. That alone is rather impressive, considering virtually every other asset and currency is losing ground as we speak. Then again, Ripple’s native asset is not a cryptocurrency and seemingly less bothered by major Bitcoin price momentum.
With an XRP price of $0.799, the market looks rather healthy at this point in time. It all depends on how people value their cryptocurrency portfolio these days. Those looking for short-term BTC gains will be rather disappointed but rest assured there may be another run up if the Bitcoin price starts to stumble again. This applies to all other cryptocurrencies and assets in circulation as well, as this dog-eat-dog industry has grown a lot more competitive in the past few months.
Unlike what most people would expect, Ripple’s native asset still has over $6.4bn in 24-hour trading volume. That is quite a bit more than most other altcoins in the top 10. Right now, everyone wants to get their hands on XRP in the hopes of a major price increase. While it is unrealistic to think Ripple’s market cap will surpass Bitcoin, it is “only” worth 10% of Bitcoin’s total value. A lot can happen in the next few days, to say the very least.
Bithumb is once again the go-to place for all XRP trading action, as they control over 30% of all market volume. Poloniex is putting up a good fight, despite having slightly over 1/3rd of the Korean volume. Bittrex is not too far behind Poloniex right now. We see Bitfinex, Coinone, and Korbit complete the top 6. This means four different fiat currency pairs inject fresh capital into Ripple’s ecosystem right now, which is pretty interesting. If this trend keeps up, we may see an XRP price of $1 sooner than people think.
There is still a lot of positive momentum in the XRP market right now. Most people expected this digital asset to crumble now that Bitcoin is moving up, but nothing could be further from the truth. There’s still a lot of buy support and more than enough money to push toward that 6,000 Satoshi mark. A few interesting days are ahead of us as far as XRP trading is concerned, that much is rather evident.