XRP Rising Fast: Five Reasons Ripple’s Coin is on the Move
XRP drifted low for a long time, but then it tore away from the pack of altcoins, going for an extraordinary performance during a bear market.
XRP started to awaken a few days ago, and then performed price moves not seen for months during the bear market. XRP has been gathering strength for a while, after being pressured for months after the realization that the asset may not be necessary to running interbank transactions.
XRP grew overnight by more than 40% to reach $0.45 as of 6:30 UTC. The rapid climb started around noon on September 20, from levels of around $0.30. The past week saw XRP perform several jumps to a higher price range, first above $0.30, then to the current range, with $0.50 in sight.
The Brad Garlinghouse Effect: A few optimistic tweets by Brad Garlinghouse pointed out that Ripple is a highly active project, with several solutions to be unrolled and tested in the coming months. Garlinghouse praised the Coil technology, allowing the usage of XRP as a social media coin.
Garlinghouse can’t seem to contain his enthusiasm for the recent climb in prices, pointing out that XRP is once again entering an upward spiral, similar to the bull market in 2017 and 2018.
Partnership News: The news of a partnership with the US-based PNC Bank was, this time, accepted with enthusiasm by the markets. Ripple has announced partnerships with multiple banks in the past, initially creating expectations that banks would use the XRP asset. The partnership with Ripple is described as having the potential to foster easier interbank transactions:
“With more than 8 million customers and retail branches in 19 states, PNC has a diverse set of customers, including consumers, small businesses and large corporates. Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time,” stated Ripple in a blog.
However, the partnership is only a small part of the upward price pressure, and in the past, similar news has failed to rouse the price. This led many to a certain skepticism about the effect of the partnership, suspecting market manipulation, the next possible factor for the rise.
Market Manipulation: The crypto asset market is illiquid, and concerted efforts at moving the price are very often successful. Some believe exchanges are manipulating XRP, with the wish to draw in traders with a coin that offers more robust growth, at least in the short term.
Because XRP started as underpriced compared to its peaks, it took some points off the market dominance of Bitcoin (BTC), and may have triggered expectations of more robust returns. XRP has seen predictions of prices above $5, hence the buying interest. With projects in the pipeline, XRP is seen as one of the coins to offer regular positive news in the months until December.
Additionally, Ripple has announced partnerships with Bittrex and two more exchanges, attempting to ensure market dominance:
The partnerships somewhat manage to offset the crash caused by the fallout with Coinbase, seen as the most promising exchange service for XRP.
Announcing xRapid: This time, bank partnerships with banks will soon see real technology unrolled. The months until the end of the year will come with constant expectation of the official launch of xRapid, the flagship technology of Ripple, aiming to finally offer an interbank transaction system to compete with SWIFT. Despite the fact that XRP may not be key to the usage of xRapid, the bullish sentiment is affecting the asset. The reason for this is a clear use case for blockchain technology, unlike more nebulous projects that can’t seem to draw on real business.
Rumors also see Ripple getting involved with the movement of funds in the international forex market:
In 2018, it is much easier to acquire XRP, with a fiat on-ramp on Bittrex, as well as other options for trading and buying. The ease of purchasing XRP ensures the fast price appreciation.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.