Ripple Skyrocketing Over the Weekend With its Surge: XRP Domination
The weekend is generally a time period when not much positive action would take place by the cryptocurrencies prices as they are tanked by sellers and trader. However, Ripple has taken over the market these last days and made holder or investors quite happy.
Ripple Price Against the US Dollar – Analysis
Ripple price is on the step-door of making it over the major $0.2600 mark with a great 10.47% gain only in the last 24-hours, outperforming all top-ten cryptocurrencies. Bitcoin [BTC/USD] is the only that had an increase of over 5.03% which is not even close to XRP/USD.
Its initial momentum of gain started when it closed successfully above the $0.2000 and cleared the $0.2200 as that mark presented the moment when the steep decline took off in Mid July and then last month in September it failed to close above. As explained in the previous XRP analysis press, if the price keeps the rhythm up after it broke the above mentioned mark the surge could possibly continue above $0.2400 or $0.2500.
Now the pair XRP/USD is trading just below the $0.2600 (specifically $0.2595) and a hurdle to overcome the sellers has been taking place for hours now on Oct 8 with a range bound price development between $0.2400 and $0.2600. It is very difficult to pin-point any outcome for the near term as it all matters if Ripple price can close above $0.2600 against the US Dollar or the buyers will let it drop and correct after the tremendous gain.
In both cases, take your best shot and try to keep the size small as any major gain will always be “punished” with value loss in the financial sector of the industry, so either sometime it will decline to its lows or a new trading ground will be created after correcting.