Examining Last Week’s 100%+ XRP Cryptocurrency Price Surge: Top Reasons for Ripple’s Coin Spike
XRP has experienced an important surge during the last week that has surprised everyone in the cryptocurrency market. In just a week, the third most valuable virtual currency spiked 100% and was able to reach for a short period of time the second place in the market.
XRP’s market capitalization experienced an important surge that reached 184% in just three days between September 19 and September 21. However, the price slightly dropped after reaching such values.
But which are the reasons behind this incredible surge? There are some things to take into account, the launch of the xRapid solution, partnerships with PNC, and also some fear of missing out the bull run.
Ripple Labs will be launching a very awaited service known as xRapid. It can be revealed the next month and attract several institutions that would be using XRP tokens to process cross-border transactions.
At the moment, xRapid did not sign any partnership with other companies,but in the future, institutions using RippleNet could start using the new services. At that moment, XRP did not experience any strong movement up or down and was traded around $0.3 dollars.
The second important factor that had strong impact on XRP’s price was the announcement that linked the currency with companies such as WIkipedia, Twitch and YouTube. Stefan Thomas, former CTO at Ripple Labs gave some details about a new app that would allow content creators to be tipped using XRP.
The US banking gian PNC has also decide to join RippleNet to send and receive money almost instantly and with on-demand liquidity. However, this does not mean that more users will start to embrace XRP. But XRP enthusiasts and supporters believe that if Ripple Labs improves, then XRP could have a better future.
It is also important to take into account the FOMO. Traders have been very bullish on XRP after they’ve seen such an incredible price increase in such a short period of time.
If XRP falls from $0.55 it can see new support close to $0.5 and $0.45. At the moment, the famous virtual currency is being traded around $0.5588 dollars and has a market capitalization of $22.25 billion dollars. It’s very close to Ethereum (ETH) that has a market capitalization of $23.99 billion dollars.
In the last 24 hours, XRP has lost 3.59% of its price and has registered a trading volume of $858 million dollars according to CoinMarketCap.