Ripple just caught some momentum with XRP. The XRP price has risen by almost 50% since the start of the year. Since yesterday alone, Ripple’s bridge currency has risen quite 10% in USD. A possible reason might be BitMEX. The most important derivatives exchange announced yesterday that it’ll introduce ‘perpetual swaps’ for XRP today.
Ripple’s XRP price goes moon! ?
Since the start of the year, all cryptocurrencies seem to get on the increase. As always, Bitcoin has taken the lead and achieved a substantial plus within the first few days. As a result, especially the large, well-known Altcoins were brought out of the long downtrend. XRP had some minor teething troubles but was ready to devour shortly after the Bitcoin course breakout.
Currently, the XRP price is around 0.28 USD and has today broken through the resistance of 3,000 Satoshi within the BTC / XRP exchange pair. This is a rather bullish signal if this resistance can be broken sustainably. The 3,000 marks were previously considered very strong support and have kept the Ripple price above water for an extended time.
The XRP trading volume has also exploded and has enticed many traders to trade. additionally, rapidly rising assets are always within the spotlight and are magically attracting interest. As a result, XRP has now been ready to maintain its current momentum for several days.
XRP has strong fundamentals through Ripple
Many may wonder why positive news from Ripple in recent weeks and months has had no impact on the XRP course but an easy announcement by BitMEX led to such a course explosion. The crypto-market, as you’ll see relatively quickly, is never rational and there are always surprises.
We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.
— BitMEX (@BitMEXdotcom) February 4, 2020
Nevertheless, XRP has very strong fundamentals thanks to ripple and may believe them with a transparent conscience. this provides some substance to the present pump, albeit the possible trigger plays a rather bit part for Ripple and XRP.
Similar to BCH and BSV?
Analyst CJ even sees certain similarities with the recent price movements of Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV). If an identical scenario were to occur for XRP, we could soon see astronomical ripple prices on the stock markets. But it’s still too early for such forecasts. We must first wait and see how today will develop. it’s not yet clear whether today’s pump was sustainable or not.
— CJ (@IrnCrypt) January 19, 2020
As a rule, prices are usually set immediately after a crucial announcement then sold off again. faithful the motto: ‘Buy the Rumor, Sell the News’. This increases the probability of a timely correction. On the opposite hand, we are currently during a possible small Altcoin Rally. As long because the Bitcoin price remains sideways, there’s enough room for XRP and other Altcoins to get over the losses of 2018 and 2019. Because most of them are, even after such a robust rise within the last weeks, still over 90% in minus from the all-time high. Yesterday CryptoMonday reported bullish figures from the Ripple Quarterly Report Q4/2019.
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