In the last 24 hours of trading, XRP prices moved up about 0.95% against the U.S. dollar to around $0.218793 and down roughly 2.28% against Bitcoin.
The disparity is an indicator that investors are selling Ripple coins into Bitcoin rather than into fiat money. This, in turn, suggests that they have not lost bullishness on the crypto market, but are instead looking to support the frontrunner.
Rotations such as these occur when Ripple news is less important than the overall crypto market news.
For example, China reportedly cracked down on initial coin offerings over the weekend. This led to increased speculation that it would close some Bitcoin exchanges as well.
Naturally the prospect of losing China as a market caused quite a stir. Hence the sudden fall in cryptocurrency prices.
But the market has stabilized since. The overall crypto market cap is back near $150.0 billion.
Meanwhile, Bitcoin dominance is less than half of the market at 47.3%.
And as for Ripple, its trading volume returned to fairly normal levels, with approximately $138.3 million worth of XRP coins changing hands.
The most active place to trade Ripple continued to be Korea. Three of the top five exchanges for trading volume were Bithumb, Coinone, and Korbit. All of them specialize in XRP to KRW transactions.
Combined, the three of them accounted for 61.73% of all Ripple trading.
Analyst Take:
Right now, the cryptocurrency market is playing follow-the-leader, but next month is Ripple’s first annual conference. It is a coming-out party of massive proportions.
Not only are the panels moderated by seasoned journalists like Jeff John Roberts, but it features luminous speakers such as Ben Bernanke, Tim Berners-Lee, and Vitalik Buterin.
In other words, the event is drenched in credibility.
If anything can refocus the market on individual pieces of Ripple news, this would be it. Our Ripple price prediction could come to fruition earlier than expected if this conference garners positive press for Ripple.
In the run-up to the conference and thereafter, we expect XRP prices to accelerate towards $1.00 in the near term and $2.00 over the medium term.
