There’s good Ripple news in the cards today, dear reader.
XRP prices jumped a whopping 9.91% in the last 24 hours, confirming our previous Ripple price prediction. Ripple is currently priced at around $0.252782.
As with earlier upticks in price, Ripple’s trading volume acted as an early warning system. Once it crossed the $200.0 million level, the momentum appeared unstoppable.
Most of the volume was driven by XRP/KRW trading, suggesting that Korean exchanges are still the hotspot for Ripple. For instance, a single exchange, Bithumb, processed 45.53% of all transactions.
Meanwhile, the fiat-to-XRP and Bitcoin-to-XRP split has narrowed to virtually nothing. The two rates are moving in lockstep, meaning the days where arbitrage was an option are over.
While Ripple is still trading below last month’s high—when it nearly crossed $0.30—there are still long-term factors driving the cryptocurrency to above $1.00 before the year’s end.
For instance, the expansion into China is promising. Securing even a sliver of the Chinese market would go a long way in bolstering transaction activity for Ripple, not to mention for countering the global monopoly of SWIFT.
Disrupting SWIFT is Ripple’s end goal. And considering that SWIFT’s powerbase is in the west, it makes sense that Ripple can challenge it by establishing inroads through China and Russia.
Ripple prices are still on their way up, though it is likely to continue this two-steps-forward, one-step-back routine. I said as much when Ripple jumped from $0.15 to $0.29.
It was obvious that prices would revert slightly, but not 100%. Sure enough, XRP fell to $0.20 and then started climbing once more. Right now, we can probably expect one or two days of flat to slightly negative trading before the upward climb resumes.