The crypto market is seeing a positive development at the time of writing, which caused many coins’ trading volumes to surge after their prices did the same. As usual, traders and investors rushed to buy cryptocurrencies as soon as bears retreated, and the market entered another bull run.
XRP itself is growing by nearly 3%, making it the perfect time to buy Ripple coins, and watch their price grow. After all, XRP price has a major resistance to breach before it can start growing once again, and its current behavior indicates that the coin might do just that.
XRP battling a major resistance/support level
Back in late December and early January, XRP saw numerous smaller fluctuations, but its price was relatively stable, kept from growing by resistance at $0.400 and kept from dropping by support at $0.3200. In fact, the coin’s price mostly managed to keep a balance between these two levels, with an average price of $0.36 in the second half of December 2018 and the first half of January 2019.
This changed on January 11th when XRP suddenly dropped with no warning, although it was stopped from sinking by the $0.32 support. However, while the support attempted to provide it with a chance to grow back up, XRP was continuously pushed back down by a bearish influence that eventually managed to force it to break the support.
On January 21st, $0.3200 turned into resistance, one that did not allow XRP to climb back up until February 20th, after XRP was caught up in the bull run. However, even after breaching it, XRP did not go particularly high, prevented from doing so by another smaller resistance at $0.336. This resistance also attempted to push it back down. Luckily for XRP, support at $0.312 managed to hold.
This is a support that XRP has been relying on to hold it ever since February 18th. In the last week, the coin has had attempts at growth, which were only punished by corrections that forced it to break smaller supports. At this point, however, the market is experiencing growth again, and XRP got caught up in this bull run relatively early.
It is currently unknown what is causing the sudden surge, but XRP’s market cap managed to climb above $13 billion as a result, while its price currently sits at $0.315230, and its daily trading volume exceeded $802 million in the last 24 hours.
XRP reaching stability
When looking at the larger picture, XRP’s current behavior includes only minimal and seemingly unimportant fluctuations. This is a good thing, as it shows that the coin is much stable now than at any other time in the last 14 months. In fact, XRP has been mostly stable ever since 2019 started. True, its price is down, but it replaced massive drops and surges by only minimal ones, with the largest fluctuations being only a few cents.
Considering Ripple’s success in considering banks around the world to use its products, which are fueled by XRP, it is likely that the coin will see even more growth in the future, as more and more institutions choose it over traditional payment systems. For now, XRP is holding its own, although the next bull run might be led by this very coin.