Most of the cryptocurrencies remain in the red after big setbacks yesterday. Despite this relentless bearish pressure, it appears there may be some positive momentum in the second half of this week. Until that happens, it seems highly unlikely the XRP price will go back to $0.5 Even so, the asset hasn’t suffered from a steep decline over the past 24 hours.
XRP Price Remains Somewhat Stable
When the Bitcoin price starts bleeding value, all other currencies, assets, and tokens are going down with it. It is the natural order of the cryptocurrency industry, even though some assets tend to unshackle themselves from the Bitcoin price movements. In the case of the XRP price, there is still a net USD loss, but its ratio compared to Bitcoin has not changed much.
More specifically, the XRP price has dropped to $0.448. That is a 2.82% net loss over the past 24 hours. For XRP price speculators, it is not a positive development, but there is very little one can do about this trend at this stage. Looking at the bigger picture, it appears XRP investors have nothing to worry about at this stage, as there are still some positive aspects to take into account.
When looking at the XRP/BTC ratio, the situation is not looking all that bad right now. More specifically, it seems the ratio has remained relatively stable first and foremost. There is even a 0.25% increase over the past few hours, which helps offset some of the USD losses suffered due to declining Bitcoin price. If this trend keeps up, the XRP price may be one of the first to go in the green again later this week.
One positive aspect for XRP price speculators is how the overall trading volume remains relatively stable. Although Ripple’s asset has seen far more spectacular trading volume in the past, the current $234.13m in trades is not all that bad either. Compared to a few other altcoins, this volume is more than sufficient to keep this train going. It may not necessarily result in further gains over Bitcoin, though.
Bitbank in Japan is the largest exchange for XRP trading volume right now. HitBTC comes in second place, closely followed by Huobi, Binance, and OKEx. It is uncommon to see five different exchanges in the top five for any cryptocurrency or asset, yet it shows XRP is in high demand all over the world. That may lead to some positive XRP price changes in the near future, although nothing has been set in stone just yet.
If this current trend remains in place, the XRP price is bound to undergo some positive changes. Even negating the USD loss would be favorable right now, as this asset is the only top currency losing less value than Bitcoin itself. That is very telling for this industry in its current state. Even so, things will remain subject to change first and foremost, and the XRP price may see some further setbacks later today.