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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.

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At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000. The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs. In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent. Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX. “This has snowballed negative investor sentiment,” he explains. Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off. “Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?” Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature: “Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.” Bitcoin Charts by TradingView

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