The cryptocurrency market seems to be heading towards a bull run with major cryptos like Ripple (XRP) getting closer to the $1 mark. Ripple (XRP) has been a beneficiary of speculations going on recently making its price and volume traded increase by over 15% within the past 24 hours.
Signs of the XRP token being bullish were confirmed when the altcoin’s price jumped to $0.83 as of press date. This has been a long wait for many XRP holders as well as the crypto community since the coin has been in the top 5 cryptocurrencies in market cap. Banks in the USA continue to pay close attention to Ripple infrastructure.
The bullish market is a relief for most cryptocurrencies after the strong bear run in January that saw Satoshi’s coin drop below the $7000 mark from a high of $20,000 in December 2017. Investors’ in this risky portfolio of assets continue to ride on speculations that most of cryptocurrencies are still undervalued with Ripple (XRP) leading the pack.
Ripple price surge has been attributed to a couple of factors by analysts within the securities and crypto arena;
Fiat Exchange Rumors
In the past two days, news outlets within cryptocurrency have widely spread the narrative that Binance will soon add USD trading pairs for XRP. This has raised a lot of attention on the XRP token with users hopeful that this centralized crypto will take off once Binance adds the USD trading pair. However, this is yet to be confirmed since Bloomberg recently reported that the development were mere rumors. All in all Ripple (XRP) has largely benefited from this piece of information.
USA Tax Returns
The tax season will have most investors rebalancing their asset portfolios to obtain liquidity that meets their tax obligations. Analysts have speculated that cryptocurrencies have been affected by the USA tax season especially the likes of XRP whose utility in mainly focused to US banks. Investors’ might have opted to cash out on the volatile assets given the number of bull & bear runs the market has experienced in a span of one year.
Speculations point to a bullish crypto market; this has increased the optimism of crypto enthusiasts and investors in the past week. A number of countries and major organizations are currently looking how they can make digital coins work in order to maximize the blockchain experience. As a result there has been a lot of research on the fundamental value of altcoins although the SEC plans on regulating ICOs whose utility token is yet to be functional.
XRP friendly price
Ripple is so far the most affordable top 5 cryptocurrency trading at below $1 right now. This has been a good opportunity for investors to jump in and secure a couple of XRP tokens without much financial strain.
XRP Market Analysis
The altcoin which has been in existence for close to 5 years is currently 3rd in market capitalization according to coinmarketcap. Its volatility is at 37% for the past month, this is the general range for most cryptos. Ripple (XRP) is currently traded in a couple of coin exchanges with Bithumb currently leading followed by Upbit in trading volume. Apart from its high risk XRP has been good on ROI with early users making as much as 15000% in cumulative returns. Ripple is expected to survive the crypto market since it is centralized and has proven its willingness to play by the rules; a factor that might favor it strongly with bank partnerships in future.