Home / Crypto Currency / XRP Price: Uptrend may Turn into a Small dip Fairly Soon

XRP Price: Uptrend may Turn into a Small dip Fairly Soon

For all cryptocurrency markets, the next few hours may prove to be crucial. All of yesterday’s positive market momentum is in the books. Right now, it is time to decide if this trend continues or falls apart entirely. For the time being, things are still looking good for the XRP price. The day has only just begun, though, and a lot can change by this evening.

XRP Price Faces A Tough Battle

All alternative currencies, assets, and tokens will be very reliant on the Bitcoin price in the coming hours. Should the world’s leading cryptocurrency begin losing value, it is expected most altcoins will go down with it. Although the XRP price is still enjoying a positive spell, its momentum has begun to wane a bit.

There is still a 1.79% XRP price increase over the past 24 hours. It is a positive development no one can deny at this stage. Even so, there is still plenty of reason to be relatively concerned about what the future may hold in regards to the XRP price. This current situation is not exactly promising for the long-term, although the day has only just begun.

What is perhaps more worrisome is the XRP/BTC ratio. With no changes to speak of, it will be interesting to see how this aspect evolves. The XRP/BTC ratio has undergone a 0.00% change in the past 24 hours, which is rather unusual. Should this ratio dip in the end, it is to be expected the XRP price will see a strong decline in the hours to follow.

Even though all cryptocurrencies have seen a slight increase in overall trading volume, the same doesn’t necessarily apply to XRP. While $265.726m in 24-hour trading volume is not bad by any means, it is not on par with XRP price speculators’ views at this stage. If a bit more volume can be generated, the XRP price should remain at its current level for at least another day.

Bitbank users show a healthy appetite for XRP as of right now. This company’s JPY pair generates 26% of all trades, which is fairly spectacular. Binance’s BTC and USDT pairs come in second and fourth place, separated by Huobi’s USDT market. HitBTC adds another BTC market to the top five. Although there’s only one fiat currency pair, it does generate a lot of volume, which will prove to be beneficial.

The XRP price will mainly rely on Bitcoin’s value throughout most of the day. Depending on how that particular situation evolves, things will either get very interesting or very worrisome later today. Many people expect the Bitcoin price to surge ahead, although it remains to be seen if that is even possible after yesterday’s major gains.

Read more

Check Also

Huobi Global Will Support Stablecoin Trading Through its HUSD Offering

It would appear there is still plenty of stablecoin action on the horizon in the cryptocurrency industry. More specifically, there has been an influx of such currencies over the past few months. Huobi Global is now planning to introduce its own stablecoin, although it is a bit different from what one would expect. The Huobi Global Stablecoin Plan On the surface, it is rather commendable to see so many exchanges offer stablecoins to its users in quick succession. Gemini issued its own stablecoin a few weeks ago, and Circle has their own currency pegged to the US Dollar as well. Combined with the likes of USDT and TUSD, it is evident there is a fierce battle for market traction taking place right now. That should introduce more market liquidity moving forward, although the reality may be very different. Assuming stablecoins will take off, however, Huobi Global might be on to something in this regard. More specifically, the company acknowledges there is a demand for trading with stablecoins, but the exchange is doing things a bit differently first and foremost. They are effectively launching a program which seems much like yet another stablecoin, however it is nothing along those lines. To put this in perspective, Huobi Global will support deposits of Paxos Standard, TrueUSd, USD Coin, and Gemini Dollars. These four stablecoins have all come to market in 2018 and are quickly bringing some much-needed competition to Tether. As a result, a lot of exchanges are rushing to integrate support for these stablecoins Huobi Global is no different in this regard, even though the company will not necessarily allow for trading in either of these stablecoins. Instead, the platform will convert deposits of these four stablecoins into something known as “HUSD”. It is a bit similar to how Bitfinex converts USDT deposits into USD, even though they should be treated as to separate currencies. In the case of Huobi Global, their conversion to HUSD makes sense, as users can still withdraw this balance in any of the supported stablecoins. It is simply the actual trading which will not occur in PAX, TUSD, USDC, or GUSD. To a lot of users, this might seem a bit unusual. After all, there is not necessarily a need for converting stablecoins to a native “currency” and then converting it back to said stablecoins. For Huobi Global, the company is evaluating this approach and they might integrate support for additional stablecoins in the future. Any stablecoin not meeting the company’s risk control standard will be removed from the platform accordingly. The bigger question is whether or not this project will generate a lot of success. After all, this added layer on top of dealing with stablecoins will not necessarily appeal to a lot of investors, but the concept also has a fair bit of merit in the end. It is good to see the exchange not necessarily introduce its own stablecoin, even though HUSD will serve that specific purpose. The post Huobi Global Will Support Stablecoin Trading Through its HUSD Offering appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.