With all cryptocurrency markets bouncing back slowly, it is only normal there will be some big gains on the charts. It all depends on when you look at the current prices, though. As of right now, the XRP price is back above $1.55, which represents a 24-hour increase by over 50%. Given the substantial losses all markets suffered from, such gains are not preposterous either. The big question is whether or not the XRP price can reach $3 again in the coming weeks.

XRP Price Reclaims $1.5 as new Support

It is uncanny how the cryptocurrency markets have evolved these past 24 hours. After two days of solid losses,, we now have an equally strong bounce. Most currencies have recovered anywhere from 15% to 110% of their lost value in the past few hours alone. This does not mean the Great Cryptocurrency Selloff of 2018 is over yet. For now, we all get a chance to catch our breaths, but there is still more than enough reason to remain very cautious right now.

It became evident rather quickly the XRP price would be one of the first to show a major rebound. More specifically, the XRP price dropped from $3 all the way to $0.91 yesterday. Such losses created a solid buying opportunity for those users who were confident things would go back to normal eventually. As a result, those who bought in near that low price are now 50% in profit. Moreover, they are up by 30.7% in BTC value as well.

Even though the XRP price is showing strong momentum, we are still in a volatile period for all cryptocurrencies and digital assets. It doesn’t take much effort to end the market to new highs or even deeper lows. After all, the volatility over the past week has sent the total market cap from $750bn all the way to $440bn and now back to nearly $590bn. Bigger forces are manipulating things to their heart’s content, and the same pattern will repeat itself eventually.

It is also worth noting how the XRP trading volume has increased rather spectacularly. With almost $9.5bn in 24-hour volume alone, XRP is one of the more actively-traded commodities across all cryptocurrency markets. Maintaining this high level of trading will not be easy whatsoever, though, but for now, there is no reason to think things will slow down. Even if we were to hit another bull trap, the volume will keep growing due to the sheer panic selling.

As is to be expected, the majority of XRP trading volume originates from platforms Non-Korean users won’t be able to access. Bithumb, Upbit, Coinone, and Korbit are all in the top five of exchanges ranked by volume. The only exception is Bitfinex with their XRP/USD pair. Surprisingly, Bitstamp’s XRP/USD pair is in sixth place, as the first trading market related to Bitcoin is in seventh place. Fresh capital seems to be flowing to XRP again, which can have some rather interesting consequences.

It is unclear what the future holds for the XRP price or any other market for that matter. A lot of people think the Big Dip is over already, but there is no guarantee that is effectively the case. Cryptocurrency has been a volatile industry from day one, and we may not have seen the worst just yet. Many people expect the XPR price to hit $2 again before the week is over, but the reality may be very different in a few days from now.