XRP Holds Gains When Almost The Whole Market Turns Into Red
October 11 2022 - 6:56PM
NEWSBTC
The broader crypto market remains in a bad state regardless of the
few positive movements of some tokens. Even popular tokens like
Bitcoin and Ethereum do not give investors any hope. This is
evident from their current prices of $19,005 and $1,282,
respectively, according to data from CoinMarketCap. Multiple
factors are backing up the present state of the crypto market. One
is the Fed’s quantitative tightening in the Q2 of 2022. While
investors have that to contend with, the negative Consumer Price
Index (CPI) value released in September has also affected the
market. Related Reading: Bitcoin Supply In Profit Continues
Decline, But Still Not At Historical Bottom Zone However, the
market’s bearish trend may not last long, depending on the upcoming
data release. This is particularly true considering the anticipated
Consumer Price Index to be released on Thursday. But while the
crypto maintains a bearish movement, some tokens appear to stand
out in the crowd. A perfect example of picking out is XRP. This
digital token seems to have resistance to the ongoing trend of the
market. XRP Stands Out Amid Bearish Market The current price of
XRP, as per data from TradingView, is $0.4875. Although its 24-hour
price change on CoinMarketCap stands at -6.37%, its weekly and
hourly rates are -0.10% and 0.01%, respectively. XRP seems to have
maintained this positive movement in the last seven days, and
chances are that it’ll sustain the trend for a while. In the
meantime, the trading volume of XRP in 24 hours is approximately
$2.55 billion. Its price position is now in sixth place based on
CoinMarketCap’s ranking, and it holds a market cap of over $24.40
billion. Although the XRP token has witnessed some tough
times, it still maintains its popularity. Many investors, both
retail and institutional, carry out their various transactions
using the token. Moreover, experts have already predicted that XRP
will maintain a price level above the $1 price mark in the future.
The Factor Behind XRP’s Growth Multiple factors contribute to the
success of the XRP token, including the power behind RippleNet
transactions. Aside from this fact, the market sentiment, rising
whales’ activity, and listing updates are major factors
contributing to its growth. Related Reading: Here’s Why SUSHI Is
Down More Than 10% In The Last 24 Hours XRP whales seem to have
increased over the years. With this increase comes a high purchase
of the token. In the past 24 hours, more than 270 million XRP
tokens have been transmitted between several digital currency
exchanges. As per data from Whale Alert, this is worth more than
$130.2 million. Moreover, as Bitcoin becomes less affordable for
some investors, XRP becomes their best alternative. The constant
activity with the digital token remains a major driving force in
the crypto market. Featured image from Pixabay and chart from
TradingView.com
Amp (COIN:AMPUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Amp (COIN:AMPUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Amp (Cryptocurrency): 0 recent articles
More Amp News Articles