Crypto markets are performing well once again and have broken through the previous high from the last rally indicating a return to bullish sentiment. Total market cap has exceeded the $350 billion level and buying pressure has been strong this morning in Asia. Bitcoin has led the charge trading upwards of $8,350 which marks a 2% gain on the day. Altcoins have all been lifted by this momentum and are mostly in the green at the time of writing. One leading the way in the top 25 at the moment is Ripple.
Coinmarketcap is reporting a 15% gain for XRP which puts it ahead of all other cryptocurrencies during the Asian trading session. Ripple’s digital coin is currently trading at $0.84 which is a steady gain from the $0.72 level it was at this time yesterday. Over the week Ripple has climbed 38% from $0.61 this time last Friday. The monthly picture also shows a gain of around 25% as crypto markets start to recover from three months of selling pressure. Against BTC Ripple is up 14% at 10160 satoshis from 8900 sats this time yesterday. The weekly chart indicates an almost 30% gain from 7870 satoshis the same time last week.
Ripple has made more partnerships and agreements than all of the other cryptocurrencies combined yet this has not been reflected in price action over the past few months. It is becoming the company of choice for cross border payments and facilitating financial transfers. The company’s xCurrent platform is now used by over a hundred financial institutions. It doesnt seem like any specific announcements have driven the current bullish breakout as XRP heads back towards the dollar.
The majority of trade this morning has occurred in South Korea on Bithumb and Upbit which have 40% between them in KRW. Japanese Bitbank is the third exchange heavily trading XRP at the moment. Total volume has increased almost 80% from $746 million to over $1.3 billion in the past 24 hours. Ripple’s coin is a solid third in the market cap charts with $33 billion.
Total market capitalization has jumped over 5% in the past day and is currently at $365 billion. This is higher than the previous high from the last rally which is a very good sign for market recovery. Other altcoins showing double digit gains in Asia this morning are Bitcoin Cash, Verge and Nano.
More on Ripple can be found here: https://ripple.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
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