Ripple’s XRP Coin Posts 30%+ Gains in Past 2 Days as Crypto Market Adds $2 Billion
Crypto Market Adds $2 Billion, While Ripple Surges up by 36%
Within the last 24 hours, cryptocurrencies across the scope of the global market have regained some lost ground. The likes of Bitcoin, Ethereum, and EOS have all increased their value by anything from 2 to 5 percent. While this is a good sign for investors, no other cryptocurrency performed as well as Ripple, which led the market with more than a 10 percent gain to its own value.
Since the 18th of September, the last 48 hours have been a really interesting for Ripple in particular. Why? Because over this stretch of time, the XRP, the native cryptocurrency that sits atop the Ripple blockchain network surged up by a total of 36.5 percent.
While Ripple has been enjoying a nice series of days, technical analysts aren't too far behind, and express their optimism at what they see as a positive reversal to the downward trend.
The Ripple Rally: The Reasons
So, unlike the previous instances where XRP experienced rallies, this current rally in the price of Ripple wasn't caused by any specific events. Instead, in a style similar to the rapid recuperation observed from Ethereum's ETH, it's pretty likely that the sharp fall in XRP's value through July and August illustrated that it was oversold, as opposed to being influenced by wider external factors.
Since roughly late June, XRP has been experiencing a number of bouts where it's faced intense movements on the downside in contrast to other cryptocurrencies, like Bitcoin, as one example. An example of this that we can see is the comparative vale of XRP from June 21st, which stood at $0.54, which subsequently slid down to $0.29 two months later, an overall decline of 46 percent.
At the same time, the price of Bitcoin was far tamer in terms of a downward slide, falling by a total of 9 percent over those two months, but falling below its $6,500 support, moving from $6,700 to $6,100.
Over the last seven days, there has been a greater volume of social media activity revolving around searchable keywords such as XRP and Ripple, which has been happening in an increasing volume. This increase is possibly due to the fact that Ripple has announced the introduction of a new cryptocurrency product, which is due to hit (virtual) shelves by October. Increasing social media activity around Ripple likely led to a rise in hype of XRP.
According to the global head of strategic accounts for Ripple, Marcus Treacher revealed relatively recently that RippleNet has experienced some incredibly rapid expansion across 40 separate countries, deploying its take on a faster, more transparent system across the world for users.
“RippleNet’s newest corridors have a combined potential market that totals over $2 Billion in inflows over the last year: InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Remitr and FlutterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal,” Treacher said.
This combination of RippleNet's rapid growth, alongside Ripple's scheduled announcement of a product release in October, as well as a shorter-term trend reversal which was demonstrated by the cryptocurrency exchange market, have all led to the increase in XRP's value by a larger margin than expected over a shorter span of time.
The Current State of the Market
During September 19th, the overall volume of Bitcoin managed to hang just above the $4 billion mark in order to remain the most dominant cryptocurrency, and managed to sustain momentum throughout the later days.
Across the last 24 hours as well, the volume of Bitcoin has successfully remained above the $4.2 billion market cap, while the total cryptocurrency exchange market increased its total value from $10 billion to $12 billion.
With the volume of the market, and prices of the major and small market cap cryptocurrencies experiencing some newly welcomed recovery, there is a hope that the cryptocurrency market will undergo a steady, upwards momentum in terms of valuation throughout September.