At the time of writing, the price of Ripple XRP was $0.240990. This means that it was up by 2.07% against the USD and up by 0.53% against Bitcoin BTC.
The trading volume over a 24 hour period was $2,394,200,784 and the market capitalization was $10,847,239,080. The market-wide decline took the cryptocurrency market by storm dragging the price of Bitcoin BTC from almost $12 to its current level at $10,271.35. The bleed out was bad and it affected all the altcoins as well.
Bitcoin BTC almost moved below the $10k level but it started to recover and is now up by 1.55% with a trading volume of $34,902,910,548 and a market capitalization of $189,842,041,657.
While the entire market has been struggling, on-chain data shows that there has been a significant surge of investors pouring money into the market. This is primarily due to the growth of the DeFi industry. As expected, most of these investors are coming for Ethereum because it is the leading blockchain in decentralized finance. This explains why the second largest cryptocurrency per market capitalization moved as high as $490 before or started to decline to the $320.
Major exchanges have recorded up to a 60% surge within the last 30 days. Even the lesser-known exchanges have recorded a 30% surge in capital inflows from investors. At the same time, institutional trading volume surged by more than 36%. This is a good thing despite the current price of cryptocurrencies. However, Bitcoin BTC must remain above the $10,000 level to avoid lower lows near-term.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Ripple Has Declined by More Than 30% in the Last few Days but a Recovery has Started
- On-chain Data Reveals that Investors are Flooding the Market and Buying the Deep
- The XRP token Started the Day Trading Higher Against the USD
The XRP token has been struggling for the last few weeks, it’s no longer news. The token took a major hit like the rest of the market, declining from the $0.28 level to the $0.23 level where it found a strong support against the USD. In our last XRP price prediction, we noted that the token has what it takes to recover significantly as soon as it gets to the $0.22 support.
This is exactly what happened toward the end of trading yesterday. It explains why XRP is now moving higher against the USD. To be fair, Bitcoin BTC and other tokens are recovering at this time. So, it’s not just an XRP thing. How long the bullish momentum will last and how far it will take the token is yet to be seen.
