Ripple XRP is showing remarkable strength in the market today, embarking on a bull run that trumps that of other top cryptocurrencies. Over the last 24 hours, XRP has accumulated gains of more than 15%, reaching new support levels in the process.
As the crypto market rallies behind Bitcoin’s presence in the green, XRP stealing the headlines with gains unrivaled by any of the top 20 cryptocurrencies ranked by market capitalization.
Owing to its incredible growth over the last 24 hours, XRP is currently trading at $0.53579 and is showing no signs of slowing down. Over the last 48 hours, Company has spiked by about 20%, moving its market capitalization above $2 billion.
Can Ripple XRP Hold onto Its Gains?
While recounting several instances of quick rise followed by a sharp decline this year, the question of how long can Ripple XRP hold on to its recently amassed gains.
Although Ripple XRP may not be able to sustain its current level of growth for a long time, however, as Ripple’s recent stride in the bullish department has formed a solid support level at $0.5000 which should consolidate its recent gains.
If the $0.5000 support level is not strong enough to sustain Ripple, there is also another solid support level at $0.4950 to support future dips. Technical chart shows that the current surge of Ripple is supported by a major resistance level at $0.5140.
How long Ripple can keep up its current form is yet to be seen, however, the important thing is the new support and resistance levels being created along the way. As has already been established in the past, Ripple’s current growth may be hinged to some important announcements and feats.
Liquidity of XRP is Also on the Rise
Ripple’s recent spike can be linked to the skyrocketing of its daily trade volume, as has been shown in the past, higher liquidity plays a key role in sustaining the value of a digital asset Over the last 24 hours, over $939.4 million of XRP have been traded; almost two times the amount of XRP coins traded yesterday.
The last time XRP recorded a daily trade volume close to this value was in mid-October. In all, Ripple is showing great strength in the crypto market and should be able to sustain the gains for a little longer.
Ripple’s xRapid Finds New Implementation
Positive news has always been a catalyst for bullish runs in the crypto market, Ripple’s recent exploit may be influenced by a new integration of its payment solution xRapid.
SendFriend, a new consumer payment platform backed by Mastercard and MIT Media Lab announced just a day before Ripple’s bull run that it would be integrating Ripple’s xRapid solution to reduce transaction costs while increasing the efficiency of cross-border payments.
The SendFriend project is targeting the Asian market, particularly the Philippines where it aims to create a cheap, efficient way for its users to send money. The platform is created to significantly reduce the fees migrants pay for making international money transfers.