As is usually the case after a weekend, there is some concern as to how the cryptocurrency markets will evolve. So far it seems most currencies successfully maintain the positive momentum, although we may see some changes in the coming hours and days. A lot of people keep an eye on the XRP price, which has successfully surpassed $0.65 once again.
XRP Price Momentum Remains Intact
Last week has proven to be rather interesting for most cryptocurrencies. More specifically, we have seen some solid gains in the second half of the week, which are still in place as of today. It is certainly possible things will head in the opposite direction moving forward, but for now, the XRP price momentum remains rather positive. With the value surpassing $0.5 and $0.6 last week, one could argue things are looking pretty good once again.
It is evident the XRP price is still a long way removed from its all-time high. The same applies to all other cryptocurrencies, digital assets, and tokens as of right now. In the case of the XRP price, however, the momentum is a bit more positive compared to most other top cryptocurrencies right now. This may only be a temporary trend, depending on how the value per Bitcoin evolves throughout the coming seven days.
Thanks to a solid 2.94% gain in SUD value and a 2.62% increase in the XRP/BTC ratio, things look rather solid for Ripple’s asset. This doesn’t mean the XRP price will magically jump to $1 in the near future, but there is certainly a lot of room left for future upward momentum. At the same time, this positive trend over the past few days will eventually result in a small correction of some sort.
Thanks to its $693.68m in 24-hour trading volume, it is safe to say the demand to both buy and sell XRP is certainly there as of right now. With the buyers still keeping control of the market, it remains to be seen how long this trend can last. As we have seen in previous months, the tide turns rather quickly in the world of cryptocurrency.
For the time being, South Korea and Japan continue to lead the XRP trading department. Bithumb generates over 25.5% of all trades, followed by Bitbank’s 12.2% and Upbit’s 10.89%. With three fiat currency pairs in the top three, there is a fair amount of fresh capital entering the cryptocurrency industry as of right now. This influx of new money is direly needed at this stage, that much is rather evident.
Whether or not the XRP price can remain above $0.65, remains to be seen. It is evident people have high hopes for all cryptocurrencies after the harsh first quarter of 2018, but it remains doubtful any major positive developments will occur in the next few weeks. Even so, experts remain confident 2018 will end up being a pretty positive year for cryptocurrencies. Only time will tell if that sentiment is warranted.
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