The third-largest cryptocurrency by market capitalization, Ripple’s XRP is seen to have begun a massive bull run. Within the last 24 hours, XRP has gained about 20% against the USD in a long-awaited underway bullish season which analysts believe is the beginning of greener pastures for the top cryptocurrency.
XRP Surges By 20% In A Day!
Within the last 24 hours, XRP has recorded a major leap in which its price has seen a significant gain of about 20%. At the moment, XRP is trading at a price of $0.306. Recording a 24-hour trading volume of $2.5 billion, XRP maintains its market capitalization at $13.18 billion, which makes it rank third among the top cryptocurrencies according to stats on CoinMarketCap.
Tuesday morning, XRP was seen trading sideways around $0.26 and maintained this movement for a couple more hours into mid-day. About 10 hours into the start of this period, XRP was already gathering more momentum, steadily rising up the charts as its price was rising gradually. By this time, XRP already dived into the $0.28 area has more bullish signals took over from their bear counterparts. After a few hours of pushing against the competition received from a short period of selling pressure, XRP drastically rose beyond the $0.29 area and finally touched $0.307 in the early hours of today.
Analysts Weigh In On Price Action
Many analysts are showing excitement about the present price action of XRP. Many a time, several analysts believe that this momentum is just the beginning of a totally new long-awaited bull season which might usher XRP back into its all-time-high zone. According to popular economist and trader, Alex Kruger, this present bull run seen in XRP is a reflection of a holistic technical bounce across alts. And more bullish behaviors could be expected of alts.
It is worthy of note that the present bull run seen in XRP might be specific action but correlates with a general price increase seen in alts lately. Recall that Nasdaq recently added support for XRP. This was a move which ensured that XRP was made available to other institutional investors.
Also, Tuesday, XRP Research Center posted on Twitter that BITMAX_JP, a virtual trading service provider whose platform can be accessed from Line Wallet launched and added support for XRP. This also made XRP available to about 81 Million Japanese traders.
September 17, 2019.@BITMAX_JP, virtual currency trading service that can be accessed from the "Line Wallet" tab on @LINEjp_official (used by more than 81M people monthly in Japan) launched services today, including support for #XRP.
— XRP Research Center (@XrpCenter) September 17, 2019