Bitcoin
Ripple (XRP) Price Soars 84% in a Day
The unprecedented rise of Bitcoin is creating a ripple effect in the cryptocurrency world.
Ethereum, Litecoin and several other altcoins have all registered some price surge in recent days, but it’s Ripple which is showing signs of following in the footsteps of Bitcoin. Indeed, the altcoin, which is popular for utilizing the blockchain to create services for the banking world, surged 84% in the last 24 hours.
On Wednesday, the cryptocurrency opened the day at $0.27 before gaining traction in less than 24 hours. At the close of business Wednesday (PST), XRP’s price was standing at $0.51, representing a price surge of 84%. On Thursday, the crypto-coin was trading at $0.572099 according to Coinmarketcap.
The altcoin’s latest surge means that Ripple has eclipsed Litecoin to become the fourth largest cryptocurrency by market capitalization. Its value stands at $18 billion.
So, what is Ripple? It’s both a cryptocurrency and a payment network. Ripple runs a payment system named RippleNet, whose key goal is enhancing easy funds transfer. It’s popular for its speeds of transferring funds. Using the system, users can transfer funds to many other currencies and cryptocurrencies in only four seconds. Ripple works with financial institutions and banks, providing a fast and efficient system of transferring funds.
Why is Ripple on the rise?
Experts attribute XRP’s surge to the current developments in the cryptocurrency world. First, the recent launch by CBOE of the Bitcoin futures is generating a lot of activity around the Bitcoins and by extension, other altcoins. As a top-five altcoin, Ripple is also seeing some activity, translating to increased demand and the consequent surge in price.
Secondly, most people view XRP as a stable digital asset and are turning their focus on the crypto-coin, especially after the Bitcoin craze eases off.
Ripple’s fast speeds
According to Miguel Vias, who heads the XRP market at Ripple, most people exiting other cryptocurrencies are finding it an excellent option, given its renowned stability as a digital asset. He adds that slowed network speeds and soaring transaction fees on Bitcoin are fuelling RXP’s growth. Ripple boasts of super-fast speeds, which make it an attractive alternative for Bitcoin.
Ripple’s partnership with AMEX
The third catalyst fueling Ripple’s growth is its recent partnership with American Express. Over the year’s Ripple has made its name as the premier blockchain based firm with solutions for the mainstream financial services sector. Unlike most other cryptocurrencies which have systemically moved away from traditional banking, Ripple uses the blockchain technology to redefine how traditional banks and other financial institutions transfer money. Its partnership with AMEX, which seeks to solve liquidity problems associated with remittances, is creating some buzz around XRP.
Ripple intends to use blockchain based solutions to enhance quick remittances for Amex. In a statement, American Express Chief Information Officer Marc Gordon said his company is known for integrating new technologies into its systems. He added that the partnership marked the company’s first step on its blockchain journey, transforming its money transfer business across the globe.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Rajitha Ranasinghe via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
