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Ripple is back on the third place in the list of cryptocurrencies by their market capitalization. During the last week XRP coin appreciated almost 40%, more than the cryptocurrency market in general. What is behind the most recent price surge and what to expect from the cryptocurrency in the upcoming days and weeks?
Performance of XRP in the last 7 days
Ripple is advertised as “the world’s only enterprise blockchain solution for global payments”. According to the company officials, their system can boast high accessibility, speed and certainty, providing better experience than the current global payment systems.
During the last few days Ripple was following the rest of the crypto market, demonstrating stunning performance. Experts have earlier stated that by crossing an important resistance level of $0.68 Ripple will open its way for further growth. As of now, Ripple is traded at around $0.7. The cryptocurrency market is now growing at a slower pace than earlier this week. Yet, only 2 out of the world’s 20 biggest cryptocurrencies demonstrated negative growth during the last 7 days.
Over the last week Ripple has appreciated more than the cryptocurrency market in general
If, however, the coin goes below $0.64, a negative trend can be expected to take hold. If the price goes as low as $0.6 any time soon, it might be considered to be too low. The market in this case will most probably rebound.
During the last six month the exchange rate of Ripple has plunged six times, as on 4 January 2018 it was traded at $3.62. Therefore, there is still plenty of long-term growth potential for the world’s third largest crypto.
According to ADX, Ripple might be running out of fuel
Technical charts indicate there is strong resistance at around $0.7. According to Stochastic, Ripple is approaching the overbought zone, which can mean that 1) the price action will soon reverse or 2) the positive growth is here to stay. Judging by ADX, the trend strength is diminishing, yet the positive component still prevails.
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