XRP Boosts as Ripple Witnesses Bullish Demand – Price at $0.3061

CALIFORNIA, The United States – XRP trades more this quarter-two compared to quarter-one of the year. The total sales for the second quarter ended at $32.55 million, while the first quarter ended at $1.75 million. Now, the price of XRP earned a 64.78%-increase, which is a year to date.

Ripple’s XRP experienced a decline in quarter-one of the year, yet in the second quarter, it bounced back after Ripple traded more. Thanks to its request for established buyers, it earned in quarter-two.

The total sales for XRP in the second quarter of the year was at $32.55 million. There’s a big difference from the first quarter’s sales, which was at $1.75 million. The increase was over 18 times, as per Ripple. XRP’s sales endured the pause in “programmatic sales,” which means open market trade sales, instead of shifting all trading activities to OTC or Over-the-Counter markets.

Ripple included this shift as its strategy to provide boosted XRP liquidity to the customers of ODL or On-Demand Liquidity of RippleNet. As per the company, they saw an increase in the interest from funding establishments in utilizing the solution.

As per the report, funding institutions are witnessing the value of the ODL of RippleNet, providing immediate international payments. It also includes meeting market requests, especially during the COVID-19 situation because of the boosted volatility and uncovered risk. The report also stated that the ODL created about 20% of the volume of RippleNet in quarter-two.

RippleNet faced 11 times of growth in the transaction volume of the ODL, comparing H1 2019 with H1 2020.

The XRP price responded positively to the new statement, where it outperformed several significant digital assets.

Now, XRP increased by 3.8% in the previous 24 hours, exchanging the price of $0.3117. The earning follows what XRP gained in its seven-day gaining, which is more than 40%. It makes Ripple the biggest among the top 100 digital assets by market capitalization.

In a short term analysis, the digital asset market broke, where there’s a restriction of significant assets between support and resistance. XRP had a sudden increase since February 2020. As the price of XRP increased between $0.2141 and $0.1701, and the crypto market hit a low point, even as depositors’ proceeds were in single digit, which is a year-to-date. On the other hand, the increase from the market at the end of June amended the XRO trend. It reported earnings of 64.78%.

As the XRP altcoin boots, it formed a bearish trend, which might direct to the breakdown of the altcoin again.

As per the four-hour XRP chart, the asset value escalated since July. The driving price established higher daily. There’s an immediate boost in the market of Bitcoin, which pumped the price of XRP after the quick correction.

The XRP price exchanged at $0.3061. If the asset drops, it might verify XRP market’s bearishness.

There’s an increasing channel beside higher highs and lows, where’s a bearish pattern. While the XRP price increased in the channel, the XRP breakdown appears imminent. Presently, the Bollinger Bands deviated, and it suggested an uptrend in the cost of the asset.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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