XRP’s Sudden Rise Begins Market Surge

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

XRP’s Sudden Rise Begins Market Surge

  • XRP, the native token of Ripple, has unexpectedly risen with a 10 % jump.
  • Ripple led yesterday’s market high with its 10 % increase as opposed to a 5% rise for Bitcoin Cash and 3% for Ethereum.
  • XRP is currently trading at $0.215613 with it reaching its seven day high of $0.223832 after the developments yesterday.

XRP has unexpectedly risen with a 10 % jump facilitating a rise for other cryptocurrencies in the market as well. Currently standing at number 3 after ETH and BTC, Ripple led yesterday’s market high with its 10 % increase as opposed to a 5% rise for Bitcoin Cash and 3% for Ethereum.

Inopportunely, Number 1 ranking cryptocurrency Bitcoin and its rival Litecoin saw a mere 1% rise. This sparse increase has attributed to the infamous bitcoin bet of John McAfee revealed as a “ruse”. 

Nevertheless, XRP’s sudden surge in performance seen as a result of the world’s largest crypto platform by volume, Binance was announcing the addition of Ripple’s XRP and famous stable coin tether in futures trading pair earlier yesterday.

The contract allows for Ripple a leverage of up to 75 times. Binance said it is “is the exchange’s fourth tether-tied futures trading pair, along with bitcoin, bitcoin cash, and Ethereum,” during the announcement. This move has received a positive response from the community, as seen in the soaring price of XRP. 

XRP is currently trading at $0.215613 with it reaching its seven day high of $0.223832 after the developments yesterday. Its 24-hour volume is $2,48,08,94,188 USD and has seen a 13.28% upward change yesterday.

On the other hand, ETH is trading at $143.51 presently and has seen a rise of 2.76%. Bitcoin is priced at $7,874.60 and is currently rising at around 4.21%.

These advances come in the light of Ripple’s statements about working towards expanding its consumer base by 30 to 40 % in 2020 from their current 300 and boost transaction volume on the network by more than 600%.

Further, Ripple’s Chief Executive Brad Garlinghouse had brushed off rumours about Ripple selling of large amounts of XRP by saying “Ripple cannot control XRP’s price” at the end of the last year. 

Annotation 2020-01-07 122221
Source: coinnewstelegraph.com

On a whole Ripple’s performance has been down by over 45 % in the last year with dissatisfactions among the user community about its selling off XRP to boost financial performance. It is only left to seen how this momentary boost will pan out for Ripple in the long run. 

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