Ripple (XRP) is making its move, looking as if the current cycle of unraveling prices has ended, and growth is in sight. The asset vaulted the $0.50 level again, which was once seen as an incredible record. But after the slide of the months-long bear market, the $0.50 price barely makes a dent on the still steep downward trend for XRP.
XRP added more than 9% overnight to $0.50, and is around 7,600 Satoshi, about the same level as in July last year.
!Ripple!
However, even at the lower levels, XRP is attractive for short-term trading gains, and there is always crypto trading and turnover. XRP volumes are relatively low, but reflect the usual level of speculation on the markets.
Additionally, the Ripple project has not come up with dramatic updates. The price of XRP is also harmed by the fact that the Ripple payment system that is offered to banks and businesses will not actually use the digital asset. The price of XRP has a permanent advantage of having roughly half the supply locked away, thus making the traded assets a more manageable number.
For XRP, the chief trading engine was once Korea. Now, the Japanese Yen and the Korean Won have a robust share and about a third of XRP trades happen against those positions. But XRP is also seeing an inflow of Tether (USDT). During the latest market downturn, a lot of funds reverted to Tether, and are now used to buy up both Bitcoin and altcoins. For XRP, the share of USDT trading has increased to 27%. HitBTC and Binance remain the leading exchanges, and the price has grown in the past days despite temporary technical troubles with HitBTC.
https://twitter.com/WeissRatings/status/1013854499058913280
In general, there may be renewed optimism for XRP, being both a prominent and a low-priced asset. During the long market slide, a lot of funds were parked in either USDT, or exchange coins like Binance Coin (BNB). Now, those funds are making their way into assets that look as if they reached bottom prices, with the aim of achieving more robust returns. With low volumes, boosting XRP to higher levels would be easier than moving up BTC prices, giving more reasons for confidence in XRP.
However, there are warnings that XRP will not appreciate based on the performance of the Ripple project, and that back in 2013, the XRP airdrops were an act of marketing and goodwill, while Ripple accounts and international transfers may work without the asset. This has discouraged many from hoarding XRP to rely on its future use by banks.
This article appeared first on Cryptovest
