Yesterday was a good day for Ripple, as the cryptocurrency became the second biggest in terms of its market cap. By climbing more than 50% in just one day, it became the world’s second largest cryptocurrency by market cap.
The digital currency rose to $2.20, climbing more than 50% over the course of 24 hours.
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According to many, the XRP token has been having a blockbuster month and has appreciated 700% since starting out in December this year (when its price was sitting at $0.25).
However, December was the crucial month for Ripple when the currency enjoyed several rallies. One of the most significant was the sharp increase that XRP experienced roughly in mid-December, where it surged more than 90% in 24 hours. This made a lot of investors join Ripple and made its price rise to new heights.
The cryptocurrency enjoyed another surge earlier this week, climbing to $1.50 – especially after the news that Tokyo-based SBI Ripple Asia announced a consortium created to explore the distributed ledger technology that could be used for payment cards.
According to analysts, the shifting sentiment of investors emphasized that Ripple has been benefiting from the changes – as well as its great decentralized nature that can be used in a variety of ways.
Ripple’s market cap has also swelled this year, rising from $17.7 billion to around $600 billion this month. News say that investors are flooding the market and are more interested in the return that they might generate than the entire decentralization and immutability of the cryptocurrency.
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