In the financial sector, markets usually undergo volatile price swings after an extended period of either positive or negative momentum. Cryptocurrencies, tokens, and assets are no different in this regard. A fair few markets are under pressure right now, as the XRP price trend clearly illustrates. How all of this will play out in the hours to come, remains difficult to predict at this time.
XRP Price Trend Slowly Reverses
When all of the crypto markets turned bullish, there was some concern as to how long the uptrend would last. As this momentum seemed to continue unabated, signs of FOMO became visible across the different markets. Fast forward to today, and it appears a big correction is kicking in for all tokens, assets, and currencies. XRP is currently bleeding value all over the place, despite noting a more than impressive amount of trading volume. This will either be a very short dip or a massive market reversal
Over the past 24 hours, the price has lost 1.7% in USD value, pushing it down to $0.344278. There is also – yet another – 3.39% loss in XRP/USD, as that ratio is now approaching the 6,800 Satoshi level. Ripple’s native asset has been under tremendous pressure in the BTC department for quite some time now. It does not appear any major uptrend will materialize in that regard, although no one really knows why. It seems the higher trading volume isn’t helping matters much either at this time.
On social media, Tommygun asks the question which is only everyone’s mind at this time. Is this the end of the bull run, or will the positive momentum return later this week? It seems the opinions regarding this matter are all over the place, as no one has been able to make sense of this most recent price surge either. bitcoin remains in the green, for now, but it too is facing some pressure on the hourly chart. A very interesting second half of the week lies ahead in this regard.
was that the bull run, is it over?
— tommygun (@tommygun77)
XRP to the M confirms a lot of people had doubts regarding this week’s gain. Some media outlets even referred to it as a possible April Fool’s Joke, even though that would have lasted for three days and involved several dozen billions of dollars. Now that the markets show signs of reversing course, it would appear there may be some merit to the April Fool’s debate after all. This user also expects to see XRP hit $1 at some point, but the current trend won’t necessarily allow for that to happen.
Fun to watch: When the prices finally start to go up, everybody is in doubt if it’s the real thing. I don’t know if it has started? for me the price of has to be over $1 to call it a bullrun. But it’s nice to see some upward movement though!
— XRP to the M ⚡️🚀 (Expect nothing) (@XRPtotheM)
For those who are not too obsessed with price charts, the overall trading volume of XRP provides a remarkable statistic. According to XRP Bella, it is the first time the asset has noted such high trading volume since early 2018. Although that period was subjected to a lot of bearish pressure, it did indeed yield higher trading volumes for most markets compared to the 12-month period following it. Trading volume alone doesn’t make for a bullish market, though, that much is rather obvious at this point.
Interesting, hasn’t shown this much volume since Jan-Feb 2018. Look at the volume for btc.
— XRP Bella (@XRPBella)
For the time being, it is still too early to draw any real conclusions as to where the markets are heading next. A correction of sorts would kick in eventually, as it is healthy for markets to reset themselves after an extensive bull run. How low the price will drop in the process, however, is a different matter altogether. This current dip might be a prelude of what is yet to come, albeit nothing is ever set in stone in this volatile industry.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
Published at Thu, 04 Apr 2019 09:00:13 +0000