Ripple Price Up By 9.73% – Time to Buy XRP Coin?
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The crypto market has been steadily rising in the past few days, with several digital currencies setting record highs.
While Ripple has gone largely under-reported, the cross-border payments network has seen marginal gains in a market space dominated by Bitcoin and the leading altcoin, Ethereum.
Today’s rally marks Ripple’s continued stake in the top ten most valuable crypto charts, indicating that this may be a good time to buy XRP.
The technical and fundamental performance of XRP shows why the asset may be a good investment.
XRP: Fighting to Retain Its Top Ten Spot
The crypto market has been a tough spot for Ripple and XRP following several US Securities and Exchange Commission (SEC) issues. With more sophisticated protocols launching by the day, XRP has had to fight to remain in the crypto spotlight.
So far, it is doing a great job salvaging a largely under-represented blockchain prominence and is trading at $1.28, up 9.73% in the last 24 hours. This price sees it occupy the seventh spot after successively losing its third position to assets like Cardano, Binance Coin, Solana, and stablecoin USDT.
However, there seems to be a strong recovery from the cross-border payment protocol as its weekly gains stand at 16.57%, with its 24-hour trading volume of $5.23 billion, reflecting an increase of 95.40%.
With a 2.08% market dominance score, XRP has seen an increase in its market valuation, the asset is currently pegged at $59.5 billion and up 8.26% since today began.
Meanwhile, this has not been the heyday of XRP’s price performance. The digital payment platform hit an all-time astronomical high (ATH) value of $3.40 in January 2018, following a previous year of Bitcoin’s stellar performance.
Even though it has since ebbed in value, XRP is 47,099.5% high from its March 2014 all-time low (ATL) of $0.0026.
With such a clean sweep of value and a new horizon opening up for the entire crypto ecosystem, cross-border payment channels like Ripple and XRP are expected to play a crucial role in facilitating financial transactions for large institutions. This makes it an ideal opportunity to buy XRP for the long term.
XRP’s Technical And Fundamental Analysis
The technical and fundamental data gives us more insights into why you should buy XRP. At its current price peg of $1.28, XRP is soaring above the 20-day moving average (MA) support price of $1.1219, reflecting a short-term bullish run. The longer-term 200-day MA price of $1.008, which confirms this bullish momentum, shows that XRP is set for a strong November and may end the year on a positive note.
The 14-day relative strength index (RSI) figure of 64.98 indicates it is underbought; however, this is a temporary occurrence. With strong momentum building in the broader crypto market, the digital asset could see its RSI shoot to the overbought region this new week, marking this an ideal moment to buy XRP.
The asset’s moving average convergence and divergence (MACD) point to a strong buy signal as the green trendline soars the orange counterpart.
Meanwhile, XRP’s strong November can be attributed to Ripple’s growing interest in non-fungible tokens (NFTs) ecosystem.
NFTs are tokenised assets that have real-world value. Since the start of the year, several mainstream businesses have expanded into the NFT space with remarkable results to show.
According to Ripple’s Chief Technology Officer (CTO) David Schwartz, NFTs are a growing phenomenon, and the payments network is looking at competing with Ethereum for market share.
A recent investment by Ripple in NFT platform Mintable will see Mintable integrate with Ripple to use its XRP Ledger.
Alongside this, Ripple Labs launched a $250 million creators fund to boost interest in the tokenisation field.
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