Ripple’s XRP cryptocurrency seems unstoppable right now, adding another 11% to last week’s gains to top the 5000 satoshi ($0.017) mark for the first time in over a year.
XRP continued to climb steadily after jumping to 4200 satoshi in the middle of last week and setting a new 2014 high, though the rate of ascent slowed considerably through the weekend.
Traded volume has weakened as well, currently at $1.16 million over the past 24 hours. The slowing pace of rise and the weakening volume suggest that a pullback is likely in the near-term. This leg of the rally is possibly being driven by traders reacting to the rally’s earlier stages and making a bid for whatever is left.
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Having gained nearly 670% since summer lows and 72% in December, and with recent positive developments such as its partnership with Earthport already priced in, a pullback is especially likely. Thereafter, gains may resume but may be dependent on the resumption of a steady stream of good news.
While bitcoin has struggled of late, XRP’s gains over the past five days have been organic and less a result of bitcoin price weakness. BTC is at about break-even since XRP made its latest advance.
Its market cap has thus grown to $540 million, over one tenth that of Bitcoin.