XRP is up 70% over the week. We figure out what happened

CONTENT

  • In just one week, XRP has soared by almost 70% and tested a two-year high

  • Fundamental factors against the background of the general bullish sentiment in the market provoked an explosive growth in XRP

  • Despite massive strengthening, XRP is still 86.3% below all-time high

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Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More Ripple, XRP rose by almost 70% over the week and came close to the key $ 0.5 mark. The coin became the growth leader in the top ten cryptocurrencies

On Sunday, November 22nd, the XRP rate was marked at 0.4974, the highest since September 2018. As of this writing, the coin is trading at $ 0.45. During the day, it has risen in price by more than 5%, while on a weekly basis the growth was almost 70%.

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The market capitalization of Ripple exceeded $ 20 billion, and the average daily trading volume reached $ 17 billion.It is worth noting that over the past weekend, this figure has almost tripled, confirming a sharp jump in demand for cryptocurrency.

The current XRP rate. Source: TradingView.

Possible reasons for XRP growth

There are several potential reasons that could have given the Ripple token such a powerful boost. One of them is the activity of Ripple Labs, a fintech startup that created the coin.

In its Q3 2020 report, the company announced that it had acquired $ 45.55 million worth of XRP and hinted that it is ready to continue buying tokens to stabilize markets and support its new lending product called Line of Credit. In addition, the company noted the growing demand for its payment solutions and the introduction of blockchain technologies in the international arena..

The second hook that has hooked traders is a new function for the execution of Ethereum smart contracts, available on the Ripple blockchain since November 18th. She was called Hooks (hooks). This functionality was introduced in the XRPL alpha version in October, but is now available to all node operators and developers. The main developer of the project Wits Wind announced the launch on his twitter:

Time to spin up your own local XRP ledger with the Hooks amendment enabled &# 128521;

After months of discussing, tinkering, designing, discussing some more, building (99% Richard, hats off to him!), Testing, etc. it’s super exciting to publish this https://t.co/dfOK5KVgy3

XRP is up 70% over the week. We figure out what happened

– WietseWind {𝚡𝚛𝚙𝚕𝙳𝚎𝚟: 𝚝𝚛𝚞𝚎} (@WietseWind) November 18, 2020

 

Additionally, XRP Labs released version 0.60 this week of the XUMM Wallet, a payment application on the Ripple blockchain. The team said that this is most likely the last beta version before the final release.

Keeping pace with the market

And finally, favorable fundamentals have successfully contributed to the overall positive sentiment in the cryptocurrency market. Most altcoins are known to correlate closely with bitcoin and show bullish dynamics when the first digital coin rises. Meanwhile, Bitcoin has gained 15% over the past week. The coin tested a high near $ 19,000, but has so far pulled back to $ 18,300.

Current BTC rate. Source: TradingView.

Despite its dizzying rise, XRP is still 86.3% below its all-time high (ATH). According to CoinGecko, the current XRP price is just 13.7% of the all-time high of $ 3.40 reached almost three years ago in January 2018.

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XRP is up 70% over the week. We figure out what happened
XRP is up 70% over the week. We figure out what happened
XRP is up 70% over the week. We figure out what happened

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