21.3 C
May 18, 2024
BTC Hunts
Image default

Why XRP Price is Up Today? Surges 3.2% Amidst Bearish Sentiments

The post Why XRP Price is Up Today? Surges 3.2% Amidst Bearish Sentiments appeared first on Coinpedia Fintech News

In the XRP market, a potential head and shoulder pattern is forming on the XRP/USD daily chart, signaling a positive outlook. The rising divergence on the daily RSI further supports the bullish narrative, indicating a possible rally for XRP.

Bitcoin VS. XRP

While Bitcoin hovers around a fragile support level of $26.2k, XRP appears more likely to surge from its current levels, fueled by enthusiastic FOMO traders. Ethereum and other top digital assets closely follow Bitcoin’s price action, making XRP a more attractive choice for investors.

Bitcoin’s Liquidity and Market Dominance

Being the oldest digital asset, Bitcoin’s liquidity depends on widespread cryptocurrency adoption. It is traded on both centralized and decentralized exchanges, contributing to its large market dominance of approximately 48%. With a daily traded volume of around $12.7 billion, Bitcoin remains a significant player in the crypto market.

Tether USDT: The Leader in Daily Traded Volume

On Friday, Tether USDT claimed the highest daily traded volume in the cryptocurrency industry, reaching about $19.2 billion. As a stablecoin, Tether provides stability and liquidity to traders, contributing to its popularity and high trading volume.

XRP Remains Unimpacted By Lawsuit

Despite facing a lawsuit from the SEC, Ripple has managed to increase XRP’s liquidity through strategic partnerships and acquisitions. The On-Demand Liquidity platform, utilizing XRP for cross-border transactions, has been adopted in over 40 payout markets. This innovative solution attracts institutional investors seeking to optimize capital and provide faster, more secure payments to their customers, surpassing traditional methods like SWIFT.

Related posts

Ethereum Flashes Mixed Signals Near $1,600! Here’s How ETH Price Might Trade Next

Leslie Kim

Here’s When Crypto Bull Run Will Begin – Mark Yusko Predicts Timeline 

Leslie Kim

Analyst Warns: MATIC May Struggle in Bull Market – Here’s Why

Leslie Kim