When it comes to cryptocurrency, Ripple Xrp Crypto has long been considered one of the most underrated digital assets. However, the XRP market has recently shown some significant positive movements, propelling the price of XRP beyond the $0.333 mark for the first time since early January.
In the past 24 hours, a volume of more than a billion dollars in Ripple (XRP) was transacted, double the amount of its regular daily volume. Currently, Ripple is trading at a 3.43% growth rate, which does not come as a surprise given the overall recent trend reversal in the cryptocurrency markets.
Speculators, on one hand, are assuming that Ripple Xrp Crypto is surfing the waves caused by Ethereum’s recent market momentum due to its upcoming Constantinople hardfork. On the other hand, other experts are calling this breakout an effect of Bitcoin’s recent push after it temporarily broke through the $4000 mark.
Ripple Xrp Crypto Graph by TradingView.com
Upon closer inspection of the Ripple (XRP) daily trend, an inverse head and shoulder pattern could be observed. Typically this kind of pattern indicates a downward trend reversal and presents with a spike in the daily trading volume to validate the breakout. Although the current movements in the XRP markets check all the right boxes to qualify as a trend reversal, it is currently running into a trendline resistance and a downside could be expected soon.
Despite this, proponents of XRP are considering this price rally as a positive sign of things to come as Saudi Arabia’s Central Bank signs a deal to settle payments using Ripple and blockchain technology.
Up until a year ago these people didn't even allow women to drive; is it really a good idea to trust such a country to make informed choices representing a technologically progressive understanding of fintech? #Ripple $XRP https://t.co/tL1E6C0lci
— ₲₸ (@GoodTexture) February 19, 2019
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