Crypto Market Recovers as Ripple (XRP) Rises
January 31, 2019 12:16 pm
Ripple (XRP)’s Road to Recovery
Earlier this week, the crypto market underwent a tumult, which was a direct result of Bitcoin failing to uphold the support level around $3,550. It is quite apparent now that the plunge in Bitcoin’s price causes the downfall of other cryptocurrencies as well.
This time the drop was as much as 10% or more. However, many cryptocurrencies have jumped back to recovery, one of them includes Ripple (XRP), which is currently on the leading position in the market.
The fresh surge may indicate that the crypto industry is heading towards a new rising trend following a catastrophic downward spiral. XRP plummeted to a bottom of $0.28, which is proved to impose significant buying pressure for the cryptocurrency, as it rapidly rose after trading on the sidelines around this price.
XRP’s price increased five times, resulting in the crypto market surge, which was highlighted in a tweet by Mati Greenspan, the senior market analyst of eToro.
Indeed, it does appear that $XRP is leading the current rally.
Check the green line in this chart, started to surge about 5 minutes before the rest of the pack. pic.twitter.com/5t3fkvOXxM
— Mati Greenspan (@MatiGreenspan) January 30, 2019
Other notable cryptocurrency analysts on Twitter also mentioned XRP ‘s price surge, including Hsaka that asserted that 18 days of losses flipped in just an hour.
— Hsaka (@HsakaTrades) January 30, 2019
Steady Growth In Crypto Market
In retrospect, there have been several instances of XRP price fluctuations. Many analysts believe that it is the predictor of how the rest of the market will perform.
The change of tides in the crypto market, due to the rise in the value of Ripple (XRP) indicates that it has gained an influential position. This case also shows that Bitcoin is no longer the only cryptocurrency to decide the industry’s fate.
Check out more about Ripple here