XRP Price Jumps More Than 10% with Sudden Volumes Surge, Breaks Its Downtrend Momentum

On Feb 5, 2020 at 9:57 am UTC by Bhushan Akolkar · 2 min read
XRP Price Jumps More Than 10% with Sudden Volumes Surge, Breaks Its Downtrend Momentum
Photo: Shutterstock

Ripple’s XRP has surprised the market and the investors as its price jumped 10% due to a sudden surge in trading volumes. With today’s move, the XRP price has gained 35% year-to-date.

XRP that us actively used by Ripple in its solutions has witnessed a sudden inrush of volumes today gaining over 10%. Despite the majority of top-ten cryptocurrencies showing only minor movement, XRP has successfully broken its downtrend.

At press time, the XRP price is 11.84% higher in the last 24 hours and is trading at $0.28. With this price surge, XRP’s market cap has also moved above $12 billion. With today’s price surge, Ripple has broken its two-year downtrend against the USD and BTC.

Moreover, with today’s price surge, XRP year-to-date returns currently stand over 35%. We all know that XRP performance for 2019 has been more than disappointing for its investors. Despite the top-ten cryptocurrencies market giving positive returns, XRP was the only one in this list to give negative returns.

XRP’s On-Demand Liquidity at All-Time High

Ripple’s XRP cryptocurrency is famous for providing on-demand liquidity for cross-border transactions. Ripple’s xRapid payments solution (that is now renamed to ODL) uses the XRP tokens to facilitate instant cross-border transactions at a very low cost.

Today’s XRP price surge shows that the trading volumes on different partner exchanges have jumped to its all-time high.

Bitso is one of the popular crypto exchanges which facilitate instantaneous transfer between the U.S.-Mexico corridor using the XRP cryptocurrency. Recently, there’s been an increased demand for the USD-MXN pair through XRP on the Bitso exchange. In an interview, Bitso CEO, Daniel Vogel, said:

“We are finally capitalizing on the huge cross-border flow that exists between the U.S. and Mexico, which is between $30 and $36 billion a year… We’ve built the product alongside with Ripple, and we’re seeing a significant amount of traction, and we believe that this is just the beginning of something.”

The next two immediate resistances for XRP prices immediately are $0.30 and $0.50. Similar breakouts in the past have led the XRP price to surge 6000% against the U.S. Dollar and also 1000% against Bitcoin. If XRP continues to replicate its past performance, we can possibly see its price touch a new high of $14.

Currently, XRP is far from this dream run and much below its 2019-high levels of $0.48. However, today’s price movement has ignited the hope back among XRP investors who have been long waiting for it.

Altcoins, Blockchain, Cryptocurrency news, FinTech, News
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share this article

Related Articles