Ripple Reaches $0.32 In A New 24-Hour Surge Of 16%

The price of Ripple (XRP) is in the news lately, as it is currently leading a widespread altcoin comeback.

Everything began when the XRP/USD trading pair jumped more than 16% yesterday and rose from $0.29 to $0.32. The upside gave up to a 37% increase since the pair established its bottom at $0.24.

The current market cap of Ripple is now just moving closer to $13 billion. However, the main price indicator for the positive movement is the latest announcement by Ripple Labs – with plans to strengthen the xRapid banking solution.

Ripple Labs confirmed that they are looking towards three “preferred” exchanges for them – Bittrex (USA), Bitso (Mexico) and Coin.Ph (Philippines) based on their high XRP holdings. Once the XRP funds move, the recipient will be able to convert the crypto to fiat on any (chosen) exchange.

According to analysts, this announcement made a lot of high investors to put their money in Ripple, which triggered a 16% rally for the day. Right now, Ripple (XRP) is targeting $0.35 as its potential upside target – while its shoulder level is right now the $0.30 margin.

Technically, the XRP/USD is oversold and will likely see some bearish corrections in the near-term. However, if we see the positive movements of other altcoins as well as Bitcoin, Ripple rising to new highs in the short run is not a possibility we should check out of the list.