As the year comes to a close, there are still some more fireworks to be seen in the cryptocurrency space as most altcoins continue to hit record highs. The latest to surprise many is Ripple’s XRP, which was hovering at around $0.7 a few days ago,has but now reached a new milestone, smashing past the $1 price to trade at around $1.18 at the time of writing.
According to CoinMarketCap, the trading volumes of XRP have shot up in the last 24hrs and week-on-week, reaching nearly 36% and 74% respectively. In terms of market capitalization, XRP is the fourth-largest cryptocurrency with a promise to disrupt and change the banking industry.
Why the Surge in Prices?
Although analysts out there are still divided on whether Ripple XRP will survive and catch up with other top altcoins, it looks like the coin is going strong after reaching a major milestone for the first time.
The price gain over the last 24 hours appears to be driven mainly by the Asian markets. Data from the CoinMarketCap also shows that within 24hrs the coin has hit 25% at Bithumb –a major exchange in South Korea, and more than 10% on Bitfinex – a Hong Kong-based Exchange.
Also, in recent months, the company has released news that Axis Bank and Standard Chartered Bank are looking to launch a platform for cross-border payments, employing Ripple technology to make it a reality.
A week earlier we also saw American Express saying that it would be using Ripple’s network in order to connect Santander clients based in the U.S. and Europe.
These factors are perhaps the driving force behind XRP receiving more attention, with more people putting in their money hoping that the prices will continue to increase. The company is also trying to get more banks to join the network.
The Future of Ripple…
Analysts believe that the price of XRP may continue bidding upward in the short term, even though newcomers to the cryptocurrency world still view it as an asset that’s low-priced.
If more banks adopt the technology to enable their swift banking system, it could keep its momentum, possibly for the long-term.
Do you think Ripple will continue to bid upwards? What’s the main contributor of the surge, according to your analysis? Let’s hear your thoughts.