XRP Price Rides Asian Market Boost to 16% Overnight Growth
XRP (XRP) was one of the fastest to recover from the market wide selloff on Thursday, spiking 16% within a seven hour trading window early on Friday morning.
While XRP volumes haven’t hit the scale they reached in September, a more than doubling of yesterday’s volumes from the $400M to $900M range marks the highest since the start of the month.
Of all the trades conducted in the twenty-four hour period leading up to Friday morning (UTC), over a third has come from Asian markets. Specifically from Korea and Japan, with XRP/KRW and XRP/JPY trades making up just under 40% of the daily total.
XRP fell with the rest of the market on Thursday, losing 17.6% as it fell from the $0.46 range down to around $0.37.
It was from $0.378914 that XRP was saved early on Friday morning as trading sped up in the eastern time zones. Within the seven hours between 12:00 and 07:00 UTC the XRP price surged 16% up to the morning’s peak of $0.439544.
The KRW and JPY influence has been felt by XRP for a while now, and was responsible for much of the coin’s surge back in September. Without the XRP/KRW and XRP/JPY action today the coin price would likely be closer to its pre-spike price in the range of $0.27.
Likewise, without today’s XRP trades the Upbit exchange would be without almost a third of its daily turnover. Bitbank is even more dependent on XRP today, with $170M of its $190M overall volume coming from the XRP/JPY pair.
All Swell for Ripple and XRP?
While XRP didn’t trade up on Bill Clinton’s speech at the recent Swell event by Ripple Labs, the lingering influence of the high-profile event may still be being felt by the market. How can the Asian influence be explained? Could it be that traders in the eastern markets are less concerned with the legal grey areas presented by the proximity of Ripple Labs to XRP?
That theory is knocked down by the fact that XRP is already the most popular cryptocurrency among English-speaking Twitter users, with 46% of users calling it their favourite in a recent poll by Fundstrat. The same poll also revealed that despite its popularity, it was also the most polarizing coin, stating:
“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close. Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”
As of Friday afternoon, XRP is the best performer in the market cap top-twenty, with only another recent grower – Tron (TRX) – coming close.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.