Ripple (XRP) News – Is Ripple out of the woods yet?

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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?

Currently, Ripple is trading around $ .37. Just a day earlier, it was trading around $ .31. Most of the gains of Ripple (XRP) just come in a matter of a couple of hours. It clearly means that the momentum is on the side of Ripple (XRP). The problem is that such impulses have come before as well. Hence; many of the investors are fearful that the rally might once again be sold into. We look into some of the factors which will provide us with a better idea as to whether the rally will be sustained this time around or whether it once again will be sold into.

The volume of Ripple (XRP):

Generally speaking, when you’re looking for a breakout, the volumes are on the higher side. In the past 24 hours ripple (XRP) has gone from $ .31-$ .37 as seen in the chart. Similarly, in the past 24 hours, the volumes have also increased from $ 1.7 billion to $ 3.8 billion. In such a way, the volumes have more than doubled as well. The doubling of the volumes on such a broad base clearly indicates that more and more investors believe that this might be a sustained break out. As long as the volumes are able to sustain above the levels of $ 3 billion, Ripple (XRP) can rise even more from here.

Macro factors:

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.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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