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XRP price is down now. But let’s take a closer look at the XRP market performance and the measures put in place by Ripple and XRPL community to see the coin thrive in the future.
Ripple’s XRP has enjoyed a good reception in the market and the price has been recovering slowly after the 2017-2018 depreciation. That’s why the XRP market performance is widely discussed these days. The XRP price has been stabilizing, breaking the downward trend and also starting to form an upward movement.
This has been attributed to the increase in crypto whale’s speculations and crypto accumulation creating an imbalance in demand and supply. Since Ripple locked a huge balance of XRP in an escrow account, and more financial institutions plus crypto exchanges accepting to use XRP as a source of liquidity, public confidence in the digital asset has been gaining ground in a fast pace.
What to Know about XRP Market Performance
Ripple’s CEO Brad Garlinghouse recently said in an interview with CNN anchor Julia Chatterley that there is a space for all crypto assets in the more than Amazon‘s market to individually succeed. It did not take long after, Ripple announced that it plans to build a bridge to Ethereum which will see them spearhead the agenda of cryptocurrencies and blockchain technology.
This is expected to reciprocate in the XRP market price gaining more investors who will, in turn, see the market capitalization shot up. XRP is proving worth noting based on that it is among the top 5 rated crypto assets in terms of trade volume and market capitalization but the only one trading below a dollar.
This leaves the begging question, why? However, if you look closer, XRP is dubbed as a future promising asset. This is because its mother company has held a larger portion of the coins in an escrow account, and planning to release them monthly based on the market performance and customers’ welfare. Also, the company has been collaborating with other established financial institutions in the world like MoneyGram to help it gain traction on the ground.
Then according to analysts’ theory of crazy trading, with the increase in market valuation and daily trade volume, time is coming when the digital asset will be a rare crypto-asset more the same as Bitcoin is currently. This is supported by Garlinghouse’s comments that no one crypto asset will dominate the market since all solve a different market need to the customers.
Technical Analysis of XRP Price
XRP has been trading between $0.26-0.35 in the past few weeks. Since the beginning of the year, XRP has gained in price value, market capitalization and also the 24-hour trade volume. However, the XRP market price together with that of Bitcoin and other altcoins has been decreasing until the market closed last week.
However, most have stabilized as of the weekend and Monday market opens. At the time of writing this report, XRP was trading at $0.27 having hit a strong support zone on the higher and middle time frames at $0.26. On the other hand, the market capitalization stood at $11.99 billion having fallen from $15 billion in the past three weeks. The daily volume to have been decreasing slowly down as a result.