XRP (XRP) has already started off the altcoin bull run. This doesn’t really come as a surprise for many considering the sentiment change Ripple Inc. has achieved over the past couple of weeks. The recent news and partnerships of Ripple Inc. with more financial institutions have sent the value of the digital currency to the moon.
While some may believe the growth is not sustainable and the value of the digital currency would decline if Bitcoin (BTC) trade sideways, others believe that would not be the case. Digital currencies such as XRP have had extensive corrections and have now tested their all-time lows against BTC. Altcoins have long been at the end of trend reversals. The institutional interest and ambitious plans of Ripple seem to have opened the door for that reversal.
The chart of the digital currency on the weekly time frame indicates that it hasn’t only successfully reached the bottom of its ascending triangle, but it has also completed the extent of its correction. Relative strength index has also been trading in a falling wedge. The RSI is now heading north and it has started a new trend.
Ripple Inc. is a very promising firm with so much potential. The team behind the project alone is a compelling reason to invest in the firm as they’ve proven themselves on several occasions. Nevertheless, investing in XRP (the digital currency) and Ripple (the firm) are two different things. This awareness grew with time and the firm felt the need to take it up more aggressively. The firm has focused more on one of this products – xRapid, which cater to the interest of its XRP holders – over the past few months.
Ripple Inc. announced that xRapid – which uses XRP – will be launched in a month or so, and this has greatly impacted the value of the digital currency, causing an enormous spike that has taken it to a new height.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is changing hands at $0.45503 after an increase of more than 40 percent over the past twenty-four hours and an increase of more than 61 percent over the past seven days. The current market cap of the coin has increased to $18.11 billion and its trading volume over the past twenty-four hours is $1.61 billion.