Few Crucial Reasons Why XRP Has Finally “Woken Up” and Exploded in Value the Last 48 Hours
Bitcoin isn’t the only asset in the market currently enjoying an increase in value. Currently, Bitcoin’s >$7,900 price is a mind-blowing surge especially when you consider where it was in the last week or two.
Also, other altcoins, including XRP, have also begun to do reasonably well. Even though XRP did not surge like Bitcoin and initially hovered around the time the other surges began, the coin has now risen and may continue to do so for a while.
Possible Reasons for XRP’s Rally
Over the last week, Ripple’s XRP has gained at least 15% and has consistently grown in market cap to its current figure of over $18 billion. At this rate, more growth is almost completely guaranteed.
Ripple is known for its many moves and activities all in a bid to the secure XRP’s space in the industry.
The firm has done quite a lot of marketing and advertising together with expansions and actively seeking out collaborations and partnerships and all these may have significantly contributed to the coin’s increase.
Recently, after a tweet from Coinbase which announced that residents of New York would now be able to buy, sell and otherwise transact XRP, proponents of Ripple and XRP were very thrilled and this news made the value of XRP rise impressively. Before now, New Yorkers have had some difficulty with this as a result of stern financial procedures.
In addition to the Coinbase move, there was an official announcement from Boerse Stuttgart, the German Stock Exchange, saying that investors will now be allowed to buy and sell exchange-traded notes (ETNs) with Litecoin and XRP.
According to Jürgen Dietrich who is the Director Blue Chips & Funds Trading at Boerse Stuttgart:
“There is a lot of interest in cryptocurrencies. These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple (XRP) through exchange-traded securities for the first time.”
International Association of Trusted Block Applications (INATBA)
Also, back in April, the INATBA was founded as an association with quite a few crypto and blockchain firms and Ripple was a founding member. This involvement from the early days of an association like this must have increased the use of Ripple’s solutions in handling cross-border payments.
Everyone hopes that the present bullish market will be sustained for a while and if it does, Ripple is probably only a moment away from a proper explosion.