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Ripple (XRP) Sudden Spike Is Just What the Crypto Market Needs
Cryptocurrency trading can be a hassle to many, especially traders who have invested their entire fortune in cryptocurrencies like Bitcoin, Ripple, Ethereum and the others. While it’s true that the volatile nature of the crypto-market is also the cause for high returns, the overall market situation may appear discouraging to some traders. The majority of the world’s cryptocurrencies have faced such a crisis from the beginning of the year, mainly due to a combination of factors that have driven away some investors.
However, the situation is starting to improve drastically due to Ripple’s recent spike in value, propelling the Cryptocurrency to the very top once again. At the time of writing, Ripple has a total market cap of $25,162,686,285 USD with a total circulating supply of 39,122,794,968 XRP Tokens. It is currently valued at a high of $0.645033 USD as of 13/04/2018.
Ripple’s Recent Market Performance:
Ripple is having one of its best performing weeks this year, adding another $62 Billion to its combined market value. This morning (13/04), it has achieved a total market value of an excess of $131 Billion, as reported by coinmarketcap. The main gains can be attributed to price movements which occurred overnight, as did Bitcoin’s value. This means Ripple has gained just under 16% from the same time the day before.
Reasons behind Ripple Sudden Spike:
Crypto analysts and industry experts all agree that the main reason behind Ripple’s spike is a variety of factors, spearheaded by Bitcoin’s recent surge in price.
However, the Ripple development team has been working tirelessly to drive the entire system forward for an easier integration of cryptocurrencies into the mainstream. Hence, Ripple’s own contributions cannot be undermined, which we will discuss below.
- Blockchain Capital Investment: Blockchain Capital announced in March about an apparent funding, where they secured $150 Million dollars for both its IV LP fund and its Parallel Fund IV. It was then revealed that Ripple was behind the funding, investing a total of $25 million worth of tokens to the company. The company’s goal is to help blockchain start-ups as an incubator while exploring use cases for its in-house XRP ledger and interledger protocol. The interest of investors has been sky high and has fuelled the positive sentiments around Ripple.
- The Santander news: Ripple’s price movements really picked up just after Santander’s recent announcement. The Spanish banking giant recently revealed that it is launching a brand new retail app for international payments, based on Ripple’s famed blockchain technology. This piece of news had an immense impact on Ripple’s price almost immediately, with the value jumping from a high of $ 0.548455 on April 11th to $ 0.644518 on April 12th. Santander has been implementing xCurrent, enterprise blockchain software based on Ripple. Since Santander is a powerhouse in the Spanish economy, investor sentiment was at an all-time high, which in turn fuelled Ripple’s drastic price change.
Final Thoughts
Ripple together with Ethereum and Bitcoin has always been known as the top three, having an enormous influence on the overall Cryptocurrency market. In an environment where volatility is determined by market sentiment, Ripple’s recent developments would only further expand its value. Apart from the Santander deal, Ripple has been in talks with several banks worldwide, including a consortium of 60 Japanese banks who are in talks to develop a similar app based on Ripple’s technology. Ripple’s primary focus on integrating with banks and other financial institutions is thus welcome news for the community, which is hoping on extending its influence and adaption worldwide. With over 1600+ Cryptocurrencies in existence today, Ripple takes the top spot in spearheading the Cryptocurrency revolution.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Adam via Flickr