Ripple Price Forecast: XRP Extends Weekly Gains, Hits 20-Day High
Although XRP investors might have been getting used to downcast Ripple news, Thursday brings nothing but sunshine for the enterprise blockchain company.
The Ripple to USD exchange rate advanced 5.66% to $0.220813. At the same time, the Ripple to Bitcoin rate rose 4.75% to 0.00002987 BTC, marking seven days of positive price movements from the last nine. It also happens that Ripple prices are trading at a 20-day high.
In a nutshell, momentum is gathering on the bullish side of the trade.
We have also noticed that strong trading activity in South Korea is helping prop the currency up.
Bithumb, one of the country’s most prominent exchanges, accounted for 37.67% of the total volume. Coinone and Korebit, two other Korean exchanges, also found their way into the top five.
While this level of activity is technically strong, it does reflect a significant shift from the day before. Yesterday, Bithumb, Coinone, and Korbit had cumulatively accounted for 70% of total volumes, meaning that today’s level is a significant decrease.
However, this geographical shuffle did not weaken demand for the currency—total trading volume increased 37.6%. This is extremely encouraging.
If XRP prices can continue to rise without leaning too heavily on South Korean trading desks, then…well…that is the best Ripple news this quarter. It means that Ripple is both broadening and deepening its base of support.
Ultimately, the biggest tailwind for Ripple is its fundamental design. By acting as a bridge between ledgers, Ripple can connect the 1,277 existing cryptocurrencies with each other (and with the existing financial network). The more the merrier.
Daily Ripple (XRP) Chart
Analyst Take:
Unlike other cryptocurrencies, Ripple’s upside doesn’t weaken when there are more entrants to the market. This currency welcomes a good wrestling match because it owns the canvas. One way or another, that’s where everybody ends up.
Our $2.00 Ripple price prediction for 2018 is unchanged.
Also Read: Ripple Price Predictions 2017: XRP Price Could Cross $1 Mark by End of Year
