The crypto market was considered bullish in the last 24 hours. However, the biggest news is that Ripple had more gains than others even Bitcoin. On Tuesday, XRP increased by 40%. As a result of the bullish trend, the crypto market, the market capitalization has increased by $2 billion. And more importantly, Ripple has reached $23.9 billion valuation. Ripple price has come up by 64% in just a day having a 113% increase for the entire week.
At this point, Ripple is now the second largest cryptocurrency based on market capitalization. It has overtaken that of Ethereum. Matthew Newton who works as an analyst for eToro mentioned that “The stars seem to have aligned for the coin”. He added that “Despite being one of the most polarizing cryptos of them all, eToro customers can’t get enough of XRP at the moment; it has more exposure than any other asset on our platform. As we’ve seen in the past, the price tends to move in short, sharp bursts, picking up a lot of momentum when the hype builds. It remains to be seen how much further it could go”.
Ripple and Celebrities
It is true that Ripple had a decent exposure. In fact, it was known for utilizing celebrities such as Ashton Kutcher in order to get XRP into the mainstream consciousness of potential investors. Many also criticized Ripple for using Bill Clinton in its PR campaign.
And of course, there are a good number of reasons why many are critical about XRP. You have lawsuits that Ripple has been dealing with. There are lawsuits saying that XRP is a security. And for this reason, the US Securities and Exchange Commission left Ripple hanging whether or not it’s a security or a commodity.
Is The Price Going to Hold?
If you are going to ask the opinion of Ed Cooper, is the price of XRP going to hold? He believes that it “remains to be seen”. He said that “The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrency losing around a great deal of their value since the beginning of the year”.
Ripple announced that it is going to have the xRapid in the coming months. Another reason for the bullish price of Ripple is the fact that it has settled its conflict with Blockchain Consortium. In addition to this, XRP is now accepted via Twitch and YouTube which slowly develops the adoption for the cryptocurrency.
These could probably be the reasons why XRP’s price skyrocketed. However, it is true that only time will tell whether or not the cryptocurrency can hold current position. You have the likes of Western Union, for instance, that says Ripple’s products never really helped them in lessening the cost of cross-border transactions.