This digital currency, like XRP (Ripple), has already demonstrated the beginning of its growth together with other tokens. However, the question remains: does the coin have sufficient potential for a new large movement of its value?
Over the past 24 hours, the price of the XRP's cryptocurrency has increased by 18%, reaching $ 0.85 at the time of writing. At the same time, the daily trading volume approached the value of $ 1.7 billion, while the capitalization of the coin exceeded $ 33 billion. Let's take a closer look at five factors that are capable of initiating a new growth of the digital currency XRP, at least in the short term:
Break above $ 1. This mark became unattainable for the cryptocurrency in the first quarter of this year, when all digital tokens, including Bitcoin, experienced a large decline in value after peak prices in late December 2017 and early January 2018. However, having reached the level of $ 0.85 today, the Cryptocurrency is able to increase the price to $ 1 in the near future, which in turn may indicate the beginning of growth to new highs.
Bitcoin's stagnation. It is safe to say that most traders come to the market of digital tokens in order to increase their own profit. While Bitcoin has a relatively high cost and is in stagnation, the XRP's cryptocurrency has a great potential for price growth, at least in the short term.
In addition, the digital currency of Ripple is traded on a large number of crypto-instruments, and recently it is constantly in the spotlight. That is why traders can choose this virtual currency for receiving short-term profits or opening long-term positions.
A large number of XRP coins are on the exchanges accounts. Due to the fact that Ripple does not have an official purse for storing cryptocurrency, many investors store digital XRP tokens on crypto-exchange exchanges. This also means that everyone expects the opportunity to either quickly sell out profit-taking profits right now, or profitably buy Ripple coins for profit in the future.
It is worth noting the fact that the recent minimum values of the price of the cryptocurrency guaranteed to provide input for a new batch of investors who bought the asset near the lower mark of value. In this case, the practice has shown that trading volumes of XRP can rise from insignificant level to high rates in just one night.
The repeated cycle of price growth of crypto-coins. Last year, the month of May was distinguished by an unprecedented surge of interest in the altcoins. At that time, the cost of XRP was about one cent. If now the cryptocurrency can overcome the value of $ 1, then this will mean a hundredfold increase in investments for many investors, despite all the fluctuations in the price of the Ripple cryptocurrency. In the current situation, of course, it is difficult to imagine an increase in the value of 100 times more, but the digital currency is able to give a good gain when trading in pairs with Bitcoin.
The revival of hope for the displacement of Bitcoin from the throne. Despite the numerous opinions that Bitcoin will be the only cryptocurrency to cover all the needs of society, at the moment projects are developing that claim to be the leader of the crypto industry. At the same time, it's worth remembering that XRP has bad advertising because it is unlikely that banks will buy digital Ripple tokens on the open market for transactions, especially if their price continues to grow so fast.