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There are all sorts of times when cryptocurrency investors and traders are "forged" by a price rally and decide it may be time for an entry – just for find out, to their dismay, that the cryptocurrency in which they entered has ended up withdrawing and consolidating.
Well, one thing is certain – Ripple's XRP is showing a real reversal here. In the last 24 hours (in addition to the huge price increase in the last two days); has boasted an incredible gain of 17.8% which is incredible, considering the fact that the entire cryptocurrency market has been bearish for months.
It is extremely clear now that if you bought in the extremely oversold months of July or August, it would have been a wise decision. Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has actually returned to the project, as this price action does not continue due to a specific catalyst.
I bought more #xrp feeling over the 🌗 ………… ..
This is excellent news, but it should be noted that XRP has been negatively affected by the market, so this confirmed reversal is great, but many long-term investors, although they can breathe a little more easily , they are not relieved at all.
For some contexts, XRP left an astonishing 46 percentage from June to July, period during which the bitcoin did not decrease by 10%, from $ 6700 to $ 6100.
Regardless of this , Ripple and its upcoming products clearly indicate that institutional money will enter the market, and it is clear that investors and traders are satisfied with the positive developments. It is obvious that this inversion of Ripple is real, and time will tell how far the price goes up.
Bitcoin is continuing to stabilize, as some believe that a solid fund has been created. Of course, time will tell if this is true. Regardless, one thing is certain: money is returning to the market and many expect the whole market to be slightly bullish for the rest of September.
The volume of the global cryptocurrency trading market is $ 2 billion, more than usual, and it would appear that this means that investors and traders put more pressure on the market.
It is easy to see that Ripple is leading the group and that it should not be too surprising, because of two things : it has been severely hyperversed for some time now, and it has also had some exciting announcements. In addition to all this, the upcoming developments mean that this XRP price inversion could be sustained, and the only question now is where exactly Ripple's XRP will encounter some resistance.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Photo by Filip Mroz on Unsplash
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