Ripple Effect: XRP Leads Market Higher with Double-Digit Gains
The third biggest cryptocurrency XRP is leading the market higher today, having risen by 16.5% in the last 24 hours. XRP currently boasts a market cap of more than $14.7 billion on trading volume of $541 million, adding to much-needed gains the coin already achieved in recent days.
The XRP coin, whose majority holder is blockchain payments startup Ripple, has added nearly 30% to its value over the past week. Most of the trading is unfolding on ZB.com, where volume is nearing $75 million. Other active exchanges for the coin include Bitbank, Huobi and Bitfinex.
The increase in the XRP price is a welcome sign to investors in the No. 3 cryptocurrency after a disappointing summer. For instance, between June and August, the XRP price was slashed in half from the $0.60 range to the $0.30 range.
The sudden surge in price is akin to the performance in similarly battered crypto Ethereum, which after being stuck below $200 for weeks, suddenly skyrocketed 8% on Tuesday to about $211 which is where the price remains as it faces resistance at $212. XRP’s price spike was similarly sudden and reflects a more positive tone that’s permeating the broader crypto market.
Besides the unpredictable nature of crypto prices, there were a couple of drivers of the XRP price of late, most notably the timing of Ripple execs touting the release of the commercial iteration of its XRP-fueled product, xRapid expected in October. Also in the spotlight is RippleNet, where global adoption has been robust. There was a time that the market ignored positive developments like these, but the timing of the Ripple executives making the media rounds and the shift in sentiment in the broader market has put wind in XRP’s sails.
Meanwhile, Ripple’s ability to ink a partnership with a brand like PNC bank isn’t hurting, either. A PNC division plans to integrate Ripple’s xCurrent for international payments. Despite the fact the XRP isn’t involved in that collaboration, it’s the start of a relationship that could develop further down the line. Regulatory hurdles are preventing banks from engaging in cryptocurrencies like XRP as much as they’d like to, based on anecdotal evidence.
September is looking up for the broader cryptocurrency market, with trading volumes on the rise and bitcoin’s dominance falling slightly to below 55%. Investors are gearing up for what is predicted by market strategists and technical signals alike to be a strong final quarter of the year for crypto prices.
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