Ripple prices took a break from the high drama of recent weeks, ending the last 24 hours a slight twitch up to around $0.185670. The stability of the Ripple to USD exchange rate is a constructive signal for investors that grew nervous after the Chinese crackdown.
After all, XRP fell by double digits only a few days ago, putting our annual Ripple price prediction in jeopardy. Cooler heads have prevailed since then, and Ripple is back above where it was a month ago.
Trading volumes are still fluctuating, though.
On at least one day in the past week, the amount of Ripple changing hands fell below $50.0 million. That’s often a bad sign. However, Ripple performed rather well on that day, so it’s not a hard and fast rule that low volumes lead to a sell-off.
Most of the trading activity continued to take place on South Korean exchanges like Bithumb, Korbit, and Coinone. Collectively, they accounted for 51.25% of Ripple’s entire trading volume.
Meanwhile, the market cap of all cryptocurrencies rose to $137.2 billion.
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While there are still significant gains to recover from the post-China crash, it is heartening to see this strong a recovery so soon. Moreover, it’s important that this recovery took place with BTC dominance under 50%. It is currently near 48.2%.
You’ll often read me commenting on the differences between Ripple and Bitcoin. And I truly yearn for the day that investors trade XRP solely on Ripple news, rather than painting it with an industry-wide brush.
…Bitcoin is flirting with the $4,000 level.
If it breaks that threshold, we could see a sharp uptick. It would be blunted thereafter by a small correction, but the rise in volatility creates a nice little trading opportunity.
Hey, I personally think that investors should separate enterprise blockchains and public ones. But if the market insists on playing “follow the leader” with crypto prices, then you might as well join in.