Last week XRP has faced an important outpouring that has surprised everyone in the cryptocurrency market. The third most valued virtual currency spiked 100% and was able to grasp for a short period of time the second position in the market in just a week.
Between September 19 and September 21. XRP’s market capitalization practiced an important upwelling that reached 184% in just three days. Nevertheless, the price a little dropped subsequently reaching such values.
One should ask that what are the motives behind this farfetched outpouring? There are some things to take into account. One of them is partnerships with PNC, and another one is the initiation of xRapid solution, and also some fear of missing out the bull run.
Ripple Labs will be launching xRapid which is a very anticipated service. It can be issued the next month and attract numerous associations that would be using XRP tokens to practice cross-border transactions.
At the moment, xRapid did not anticipate officially any collaboration with other companies, yet in the near future, with the usage of RippleNet institutions could initiate using the new services. Afterwards XRP did not experience any robust action either up or down and was traded close to $0.3 dollars.
The second significant factor that had strong influence on XRP’s price was the statement that linked the coinage with companies such as YouTube, WIkipedia, and Twitch. Former CTO at Ripple Labs Stefan Thomas, gave some more details about a new app that would permit content creators to be tipped using XRP.
The US banking giant PNC has also decide to join RippleNet to send and receive money nearly promptly and with on-demand liquidity. Though, this does not mean that more users will start to involve in XRP. Yet XRP aficionados and supporters believe that XRP could have a better future only if Ripple Labs improves their procedures.
It is also important to take into account the FOMO. Traders have been very bullish on XRP after they’ve seen such an incredible price increase in such a short period of time.
If XRP falls from $0.55 it can see new support near to $0.5 and $0.45. Currently, the popular virtual currency is being traded close to $0.5588 dollars and has a market capitalization of $22.25 billion dollars. It’s so close to Ethereum (ETH) that has a market capitalization of $23.99 billion dollars.
In the last 24 hours, XRP has registered a trading volume of $858 million dollars according to CoinMarketCap lost 3.59% of its value.