Ripple price (XRPUSD) has had been unstoppable in the past few days. Since July, the pruce has jumped from a low of 0.1680 to a high of 0.3260. This price was reached on Sunday this week. Similarly, Bitcoin and Ethereum prices have been on an upward trend, which has seen the combined market cap of digital currencies climb to more than $344 billion. This has been an incredible run considering that the currencies had a market cap of just $235 billion in April this year.
Ripple usage is increasing
Ripple price has jumped partly because of the increased adoption of the ecosystem by customers. In a report released by Ripple yesterday, the company said that the total XRP sales in the second quarter rose to $32.5 million, which was a sharp increase from the $1.75 million in the first quarter. Interestingly, this increase happened even as the company continued to focus on over-the-counter sales at the expense of programmatic sales.
In total, the ADV volume of XRP declined from 322.6 million in the first quarter to $196.28 million in the second quarter. At the same time, the total XRP volume declined from $29.68 billion to $17.86 billion. Another interesting figure in the report was that 3 billion XRP were released out of escrow. Another aspect is that more companies have continued to integrate Ripplenet in their system. Among the notable additions in the quarter were Zero Hash, Sygnum Bank, Uphold, and Swisscom.
Ripple Price is also rising because of the adoption of new payment systems. For example, in their quarterly earnings, PayPal and MoneyGram said that their digital payments businesses had had their best quarters in record. In a statement, Barry Schwartz, the CTO of Ripple said:
“Typically, what you have is demand collapsing because of a financial crisis or bank failures or something. very fast moving. This one is kind of going to be a slow-motion crisis.”
Ripple price technical outlook
The daily chart shows that Ripple price has been in a strong upward trend. The chart also shows that the price has recently found a lot of resistance after it reached its highest level since March. The price remains solidly above the 50-day and 100-day exponential moving averages. Therefore, the current pause is mostly because of profit taking and indecision between bulls and bears. Subsequently, I suspect that momentum will continue as bulls target the YTD high of 0.3460.
On the flip side, a move below 0.2463 will invalidate this trend. This price is slightly above the lowest level on Sunday. It is also along the resistance level shown in rectangle below.