Ripple Maintains Price at Around $1 Despite Bitcoin’s Volatility
Ripple’s price has managed to hover near the $1 level despite the wild swings in the price of the number one digital currency Bitcoin.
XRP’s price hasn’t changed much after it breached the $1-mark for the first time in its history and successfully bucked the trend of price declines that are being experienced by the other altcoins led by Bitcoin.
XRP’s price has successfully breached the $1-mark and even hit $1.34 on December 21, 2017. Because the virtual currency market mainly depends to the movements of the leading virtual currency Bitcoin in general, XRP’s price is somewhat affected when Bitcoin’s price became extremely volatile and experienced a gradual slide.
Ripple, however, was able to handle its own price and never traded below $0.85 during the downswing.
Notably, XRP is the only asset or currency in the top 10 cryptocurrency list to have gained almost 20% against Bitcoin during the downswing on December 22.
All the other virtual tokens have declined substantially against both Bitcoin and fiat currencies. Despite its tenacity, it is still not safe to say that XRP has already successfully decoupled itself from Bitcoin.
During a 24-hour trading period, XRP has registered a trading volume of more than $4.69 billion, showing that the demand for the virtual token hasn’t diminished that much. Majority of the trading transactions came from the major South Korean exchange Bithumb.
All of the exchanges in South Korea have listed a price of $1.26 or higher for the Ripple token.
With its current stability, the XRP is expected to sustain its upward trajectory once the wild swings being experienced by Bitcoin are over. It is interesting to see whether the Ripple altcoin will breach the $2 level sooner or later.