Most of the cryptocurrencies have increased by 5% to 7% in the last one hour. This marks a drastic change from the prices around the weekend. Most of the cryptocurrencies fell by approximately the same percentage during the weekend. On Monday however, they seem to be recovering. Ripple was one of the last cryptocurrencies to recover.
Currently, it is trading around $ .95. This marks an increase of around 3% from the bottom. However, most of the weekend was spent by Ripple drifting into the red. This is the reason why many traders think that this can be a turnaround for the cryptocurrency. Traders are even expecting levels of over $ 1.1 during this particular week. Moreover, the positive trend seems to have just started for most of the cryptocurrencies on Monday. The volumes are also picking up in most of the cryptocurrencies. This is the reason why many of the cryptocurrencies have piled up in the last one hour or so.
As for Ripple, it has been languishing around the $ 1 levels for the last 2 weeks. After a precipitous drop to $ 0.55 from $ 3.60, it has recovered to trade close to $ 1. The fall in Ripple has been pretty drastic even compared to some of the other cryptocurrencies like Bitcoin. Bitcoin on an average lost approximately 70% of its value. On the other hand, Ripple almost lost 85% of its value in this crash. This is the reason why many investors are trying to figure out if it can rise safely or whether it will stagnate around the current levels.
The underlying technology of the Ripple platform seems pretty strong. It has been consistently adding new clients. Firms and corporates all over the world are using the Ripple protocol in order to transfer their funds. At the same point in time, the volatility is plaguing the cryptocurrency on a consistent basis. This is the reason why many investors are looking for clues before making an investment.
Currently, however, it seems like it is trading in the green territory. Whether it is able to expand the gains or not will be closely watched by most of the traders. If indeed, it is able to cross the level of $ 1.1, it can see further momentum during the week. With most of the cryptocurrencies in the green, cues certainly seem to be positive.