Why Ripple Price is Rising? – XRP News Today – Cryptocurrency News Today – Sat May 19

Catalyst remains in the Cryptocurrency market. Ripple has witnessed a sharp rise in its price and was declared the top performer among other currencies. According to the experts, this uptick in price is largely attributed to the passing of the US tax deadline. Another reason for the spurt in the price was the avid interest of Wall Street to invest in cryptocurrency.

Ripple Price Today

Name Price24H (%)
XRP (XRP)
$0.220863
-2.25%

Moreover, another news that gave a boost to its value was when Chief Financial Officer (CFO) at Wall Street’s Och-Ziff Capital Management (Oz Management) has left to become the new CFO at major crypto wallet and exchange service Coinbase.

In another instance, in order to attract institutional clients, former Goldman Sachs employee joined crypto wallet Blockchain.com. Further, it is reported that some of the ex-Goldman executives have also joined the ranks of cryptocurrency companies. The above-mentioned moves in the market have raised the confidence level of cryptocurrencies investors. Thus, the price of such crypto players have increased sharply.

Further, the crypto investors are of the view that the price of BTC will reach $12000 by the end of this year. Among the top 75 coins that are listed CoinMarketCap, all coins were in green with an exception of DigiBite.

Ripple a rising star

The renewed interest in the cryptocurrencies has stolen the limelight recently. With gains over 17 percent in a last 24 hours, Ripple has garnered the interest of many. Ripple is also the beneficiary of this surge as it nears the $1 mark after having a week long strong growth.

All the cryptocurrency giants benefitted from the boom after the passing of US tax deadline. Thus, all main players are moving with the momentum. However, the fears massive sell-off on the backdrop of US tax regulation did not damage the reputation of the cryptocurrencies.

Thomas Lee, Head of Research at Fundstrat Global advisors had warned of tax-related selling before a slow rise in the market shortly after. The cryptocurrencies upbeat performance can also be attributed to inauguration of the largest cryptocurrency exchange Binance. This exchange intends to invest in crypto assets in the future.

Through the measures such as formation of cryptocurrency exchange have facilitated the investor who can directly purchase the crypto rather than buying the digital currency first. Further, Ripple is poised to attain advantage by being front runner for the dollar pairing.

Yashitaka Kitao, CEO of Tokyo based SBI Holding was very optimistic about the future prospects of the digital currency, especially the Ripple. According to him, Ripple is expected to reach $10 by the end of this year. His company is trying to integrate the Ripple’s blockchain technology with” Money Tapp App”.

Even though the figure of $10 is too far cry, the majority of expert agree on the number of $1to be reached by the end of this year. Further, it is note worth to state that XRP has recently been welcomed on Dutch exchange AnyCoinDirect.

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
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Joseph Taylor is a is a Senior Writer at TheOofy. Originally from UK, Taylor attended Oxford Business School. He covers many things from fintech apps, banking, and financial technologies. He also speaks at fintech conferences. He owns small amounts of various cryptocurrencies.