If you’re monitoring ripple in the past 24 hours, you would realize that it has risen by 18%. However, this is coming on the back of months of underperformance. It has underperformed most of the other mainstream cryptocurrencies. That is why many investors are asking whether it is a fluke or whether it has finally sustained the rally. We will try to decipher this question today.
Is Ripple out of the woods yet?
The volume of Ripple (XRP):
It is essential that the micro factors support the rally as well. Only when the micro factors support the rally, Ripple (XRP) can rise more from here as well. In the past few days, Bitcoin (BTC) rose from $ 5000 to $ 8000. Since Bitcoin (BTC) is the most dominant cryptocurrency, the rise in Bitcoin (BTC) clearly indicates that the macro factors are supportive. Since Ripple (XRP) has finally started to move, it might sustain the rally from these levels as well.
With the support of the macro factors along with the higher volumes, Ripple (XRP) might definitely be out of the woods. It may not reach the level of $ 3.52 anytime soon which is the previous high, but it is likely to sustain the rally. The next 24 hours are very crucial for ripple (XRP). If the volumes are sustainable, it can undoubtedly rise from these levels as well.