For the last 2 days, the valuation of the cryptocurrency market has swollen from $198 billion to $218 billion in a race championed by a surge in Ripple token- XRP.
XRP, the native digital currency of the Ripple network, registered a 40% increase on 21st September 2018, sustaining its energy that is obtained at the beginning of the week.
Technical experts in the cryptocurrency space have shown their optimism towards the trend reversal inhibited by XRP in the last 48 hours.
The Force Behind Ripple’s Excellent Rally
Unlike past XRP rallies, the sudden gain in the value of XRP was not initiated by a specific set of undertakings. Instead, just like the sudden regaining of Ethereum, it is possible that the sharp deterioration in the value of XRP throughout the month of July and August made the market to reveal hyped conditions.
Since the end of June, XRP encountered a strengthened downward trend, unlike other giant digital currencies, like Bitcoin. On 21st June 2018, XRP was valued at $0.54 and within a period of just two months, the value of XRP declined to $0.29- a 46% decline.
By then, the value of Bitcoin deteriorated by just 9%, from $6700 – $6100.
In the last one week, Ripple has been in the public eye and the price of XRP gained greatly, conceivably because of the company’s announcement of a novel crypto product launch in October. Being in the public limelight likely ignited an upsurge in the hype of Ripple.
Recently, Marcus Treacher who is the international chairperson of strategic accounts at Ripple stated that RippleNet has encountered a swift growth in 40 nations, installing an efficient and secure payment system globally.
A blend of RippleNet’s rapid expansion, Ripple’s listed report of a product launch in October, and a short-term trend reversal illustrated by the cryptocurrency exchange market made XRP gain in value by a significant margin within a short period of time.