XRP Trades Return to February Highs; $3 Billion Influx In 24Hrs

XRP outpaced the analysts today as it raced to 115% gains over twenty-four hours, en route to a coin price not seen since May.

XRP trades reached a peak not witnessed since early February today when they peaked at $3.6 billion. That’s a $3 billion increase since the day before, and as covered here, means the home page of CoinMarketCap suddenly looks a little different at the top end.

XRP’s sudden rise is generally attributed to the moves that parent company, Ripple, has made over the past week, as it draws more and more of the world’s financial institutions onto its RippleNet.

Whether that’s enough to prompt a $3 billion trade influx could be debated, but either way: sentiment is suddenly changing for XRP, but for how long remains to be seen.

XRP Spikes 115%

From yesterday’s low of $0.365244, XRP surged without stopping overnight, right through to this afternoon as $3 billion worth of new trades entered the market. The coin price eventually peaked 15:00 UTC Friday, hitting $0.769380 before a sharp pullback to the $0.608 range.

That’s a relatively large pullback, amounting to around 20%. That could spell the end of the day’s surge, or may merely be a brief shake-out of weak hands.

Eastern Delights

The Eastern markets have a lot of influence in what’s happening to XRP today. Trades from countries regarded as ‘the east’ amount to over 30% of the daily total, and are mainly made up of XRP/KRW and XRP/JPY trades. If we include Turkey as ‘the east’ then that pushes the figure up closer to 35%, essentially meaning over a billion dollars worth of trades have come from the land where the sun rises.

Perhaps unsurprisingly given the sudden rise in XRP media coverage, the highest single concentration of trades has come in the form of XRP/USD on Bitfinex. In total over half a billion dollars worth of XRP has been bought or sold today with U.S dollars. Given the direction of the coin price one assumes the majority are buys.

Ethereum Displaced

Despite gaining a $1 billion boost to its own trading today, Ethereum now finds itself displaced to number three spot in CoinMarketCap’s rankings. ETH reached a valuation of $231.67 during Friday afternoon’s surge, after not exceeding the $230 range since the dip of early September.

The first five highest trades listed on CMC involve either USDT or USD, repeating a pattern of recent months where ETH holders have repeatedly dipped in and out using USDT Tether as a temporary liferaft.

Long term Ethereum holders will now be hoping the Tethering cycle can end, and that the coin price can break out of its holding pattern of recent months.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.