This article was originally posted on The Merkel - with a dedicated cryptocurrency news section and also a variety of educational articles relating to Bitcoin, you can find anything from how to make money with bitcoin to how to create your own cryptocurrency. For more check the link below.
When looking at the top cryptocurrency markets right now, it quickly becomes apparent the reliance on Bitcoin is still in place right now. While this poses no problems for most markets, it also seems the current gains are not that spectacular by any means. As far as the XRP price is concerned, not much is happening right now. While there is no reason to panic just yet, it seems unlikely the price will go much higher in the very near future.
XRP Price Momentum Might Stall Quickly
Although it would appear the XRP value has only just begun to climb out of its hole again, there is a chance the momentum will stall or turn around pretty quickly. As is usually the case in the cryptocurrency, token, and digital asset world, there is a good chance the uptrend will fall apart pretty quickly. For XRP, the current gains – as small as they are – are still in place, but it seems unlikely the momentum will push the price much higher in the near future.
To put this in perspective, the XRP price has still gained 0.55% in USD value, but lost 0.05% over Bitcoin. This latter aspect is not necessarily problematic, but no one will deny XRP hasn’t been too successful in terms of noting gains over Bitcoin. A brief push to 7,600 Satoshi has failed to materialize, as it seems more likely the 7,550 level will fall pretty soon. Not the trend traders are looking for, albeit the $0.31173 level will not necessarily come under too much pressure moving forward.
On social media, one has to be very careful with any information gathered today. April Fool’s Day is a pretty interesting day, although it also leads to a lot of conflicting information. TT101 expects massive momentum in the coming days, although the XRP/BTC ratio may not necessarily improve all that much in the coming hours and days. Even so, this downtrend has been in place for quite some time now, thus a reversal is not necessarily out of the question either.
— TT101 (@toptrader101) April 1, 2019
There appear to be ongoing discussions by SBI Japan and R3 who are debating how XRP will be integrated into these systems moving forward. A more detailed video is expected to be released soon, although it is a bit unclear what both companies have in mind exactly. Even so, any discussion which briefly touches upon XRP will be well received by the XRP community at this time. It may not necessarily affect the price in any way, though.
— CryptoEri (@sentosumosaba) April 1, 2019
Although XRP is not necessarily known for its memes or funny images, Cryptoon has come up with a rather funny meme depicting the current mood within the XRP community. Although it is clearly meant to poke fun at some of the more outlandish price predictions, it is evident the video itself will put a smile on many faces. It is also something the community will hopefully appreciate, as a bit of fun has never harmed anyone.
— Cryptoon (@KlaudMr) April 1, 2019
While the XRP/BTC ratio is not looking all that great at this time, there is no reason to expect a major retrace in the near future either. In terms of USD value, it would appear the $0.31 level should remain intact, regardless of what happens to Bitcoin. The overall trading volume for XRP still remains rather low, although it should pick up a bit as the day progresses. For now, maintaining a status quo wouldn’t necessarily be a bad thing where XRP is concerned.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
The post XRP Price Tries to Move up yet XRP/BTC Remains the Weak Link appeared first on The Merkle Hash.
To read more from The Merkel follow this link.