Ripple’s XRP Stages Rally on News of Apple Pay Option
XRP bounced back above $0.50 but remains far from its monthly peak.
Ripple’s XRP took a turn for the better on Monday, rising above $0.50 after a suggestion the coin may be linked to Apple Pay through Wirex. At 14:00 UTC on Monday, XRP started to climb, going from $0.46 to above $0.50 within hours. The asset will now have to hold onto its position.
The addition of Apple Pay is still a work in progress but was seen as positive news by the XRP trader base, as well as the community:
The asset remains one of the hottest topics of conversation in the crypto space, but while backed by a supportive community, it is also hounded by skeptics. XPR is seen as potentially participating in interbank payments although the need to hold and use the asset is still unclear.
XRP can already work as a means of online payment for small-scale social media use. However, those who believe in its potential to displace the Swift system see the price of the coin rising much higher despite the large supply of XRP.
The momentum in XRP, however, has as a short-term goal another “flippening” with Ethereum (ETH). XRP has to go above $0.53 to exceed the market capitalization of ETH. While the market cap measurement does not reflect the growth potential of XRP, expectations of the "flippening" may support a price increase.
In the past 24 hours, XRP added more than 12% to its value, while in the past week, the asset has grown by more than 17%. Daily trading volumes have been rising, going from under $400 million to above $800 million. XRP finds support in multiple trading pairs, including Tether (USDT) and the Korean won. In the past three months, the price dominance of XRP increased from around 6% to more than 9% of the entire crypto market capitalization.
XRP, however, has shown the propensity for short-term pumps, which later see the asset return to lower levels, so the current rapid appreciation may be short-lived. But in a market where altcoins stage their own rallies, XRP is one of the prime candidates for independent revivals.
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