XRP and its expected price movements have always made news in the cryptocurrency sphere, with many predicting a massive price increase along with a spike in volume. While the third-largest cryptocurrency is currently below the 30 cent market, there was a time last year in September when XRP went up to 60 cents.
Despite the fall in prices, enthusiasts of the cryptocurrency have not lost hope in the utility and requirements of XRP, with some claiming that it will go back to its glory days of staying above the 3 dollar range. This was also a scenario that was recently predicted by MoonOverlord, a famous cryptocurrency trader who opined that,
“one of these days” XRP would skyrocket to an all time high of $3.9.
At the press time, Ripple’s XRP stands at $0.29, with a total market cap of 12.787 billion USD. The third most significant cryptocurrency holds a 24-hour market volume of 1.684 billion USD after an 8.55 percent weekly growth. The indicators were also on the fence about the cryptocurrency’s growth, with the Bollinger band showing a bit of convergence in the upper band and the lower band. This may be a sign of the market volatility dropping and the price stagnating.
The Relative Strength Index, on the other hand, showed more of a bullish scenario as the graph was near the overbought zone. Settling near the upper region could indicate that the buying pressure was much higher than the selling pressure due to an understanding in the community that the price may go up.
The cryptocurrency community was divided on XRP’s so-called potential rise and Alex Kruger, another famous analyst, commented on Moon’s tweet by saying:
“@RemindMe_OfThis tweet in 100 years”
There may be some merit to the claims as XRP transactional volume against the Mexican peso has continued to surge daily. The main reasons for this have been the MoneyGram integration as well as the creation of the ODL [On Demand Liquidity]. Brad Garlinghouse, the CEO of Ripple, had stated:
“It’s a public ledger. You can see where volumes are growing, contracting, and we’ve talked publicly about it – partly because of MoneyGram as well as some other customers who are using what we call On-Demand Liquidity. The product is moving [capital] so that you don’t have to pre-fund.”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.