Over the past 24 hours, major cryptocurrencies in the global market including Bitcoin, Ethereum and EOS increased by 2 to 5 percent, as Ripple led the market with a solid 10 percent gain.
Since September 18, within 48 hours, the price of XRP, the native cryptocurrency of the Ripple blockchain network, rose by more than 36.5 percent.
Technical analysts in the cryptocurrency community have expressed their optimism towards the trend reversal demonstrated by XRP in the last 24 hours.
Since late June, XRP experienced an intensified movement on the downside in comparison to other major cryptocurrencies like Bitcoin. The price of XRP was around $0.54 on June 21 and within two months, XRP fell to $0.29, by 46 percent.
Meanwhile, during the same period, the price of Bitcoin only fell by 9 percent, from $6,700 to $6,100.
In the past seven days, the social media activity of the keywords XRP and Ripple increased significantly, possibly due to Ripple’s announcement of a new cryptocurrency product by October. Increasing social media activity around Ripple likely led to a rise in the hype of XRP.
Today’s performance of the market, the volume of Bitcoin will have to remain above the $4 billion marks in order for the dominant cryptocurrency to sustain momentum throughout the upcoming days.
Over the past 24 hours, the volume of Bitcoin has remained above $4.2 billion while the volume of the global cryptocurrency exchange market increased from $10 billion to $12 billion.
With the volume of the market and prices of both major and small market cap cryptocurrencies recovering, a gradual increase in the valuation of the crypto market is expected throughout September.