XRP RIVAL BITCOIN SUDDENLY DOUBLES IN VALUE


The cryptocurrency market has experienced a dramatic increase since bitcoin, ether and XRP prices rose by 5 to 100 per cent over the last 48 hours.

XRP - the digital technology company Ripple - has made the most significant gains: its price has doubled since Wednesday and for the first time since June exceeds the $ 0.50 threshold.

The third most valuable cross-currency currency in the world is known for its rapid growth and falls, which amounted to $ 3.80 a year before a sudden collision.

Cryptocurrency experts and market analysts have been trying to explain the sudden change in the market, though many have talked about the development of xRapid, a new Ripple-related product.
Developers in xRapid believe that this technology could help banks accelerate transactions using XRP. Stories that the product was close to launch seemed to be confirmed by a pattern of high-value transactions involving ripple.



"The high transaction values, joined with market sentiment following the publication on Monday could indeed be the cause why XRP reached new highs, having increased nearly 50 per cent in the last 24 hours," said Ed Cooper, head of mobile at the digital banking firm Revolution.

"While this is fabulous news for many crypto followers, and mainly for XRP fans, it continues to observe if the bullish trend will control, given the modern market conditions that have seen nearly all cryptocurrencies losing a great deal of their value since the beginning of the year."

This speculation reinforced by Matthew Newton, an analyst at the trading firm eToro, who said the cryptocurrency had more publicity than bitcoin on its platform.

"The stars seem to have arranged for XRP today. News that Ripple’s xRapid product may be expected, joined with a few timely partnership announcements, has created a definite buzz which is affecting price," Mr Newton said.

He added: “Notwithstanding being one the most polarising cryptos of them all, eToro buyers can’t get enough of XRP at the importance; it has more publicity than any other asset on our platform. As observed in the past, the price tends to move in short, sharp bursts, picking up a lot of energy when the hype builds. It remains to see how much further it could go."

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