What Exactly Is Pushing Ripple’s Price to the Moon?
How is it doing so well?
Since the beginning of the New Year, the big question has been whether Ripple will take over the crypto space as the leading cryptocurrency. Needless to say, the crypto world is not averse to record-breaking bullish rallies but there is certainly a great deal of attention being directed at Ripple, especially since it surpassed the $145 billion mark in market capital according to CoinMarketCap.
In part, the amazing run by XRP in the last few days has been remarkable given the fact that it has surpassed Ethereum (previously considered the only real competitor to Bitcoin). If you take a look at the screenshots above, you’ll see that Ripple’s current market capitalization stands at a whopping $148 billion. But really what is the reason behind Ripple’s price surge?
Well, here are a couple of reasons that might explain Ripple’s meteoric rally.
After Bitcoin broke the $10,000 mark early in December 2017, for a moment the cryptocurrency world became the center stage of media attention. Furthermore, the announcement and launch of Bitcoin futures trading also fueled Bitcoin’s price to an all-time high of about $20,000 in a matter of days. However, it seems as if Bitcoin has hit a resistance point and this has precipitated wild attention by investors to alternate coins such as Litecoin, TRON, Cardona, BitcoinCash, Verge and Ripple.
There is definitely a connection between Ripple’s major upturn and the rumors about Coinbase taking up XRP on its exchange. Coinbase is currently the biggest exchange in the US with about 10,000 new investors joining the crypto world through its wallet and trading platform. With that being said, there has been the widespread assumption in the community that Ripple will grow further in price when Coinbase takes it up.
When it comes to Ripple, Asian countries make up more than half of its market capitalization. In fact, according to Bithumb (a leading cryptocurrency exchange in South Korea), the price of Ripple sits at an all-time high of over $4, which is definitely the highest when compared with other exchanges. In addition, Ripple’s partnership with SBI Holdings that led to the launch of SBI Ripple Asia with intent to serve markets in Korea, Japan, China and other ASEAN counties, is also a contributing factor to the growing interest shown by Asian players.
Either way, Ripple has literally created a “ripple” in the crypto world, and with fintech technology veterans added to its team not to mention partnerships with leading financial institutions, there is more to be expected.
Share your thoughts and let us know what you think the reason behind the rise of Ripple’s price is?