Ripple was in almost every post in past week’s crypto news, mostly because of its meteoric rise which pushed the cryptocurrency up 100% in only a week. The supernormal rally even put Ripple to the second position, overcoming Ethereum and its silver spot for a matter of hours.
If we take in the numbers between the minimum and maximum price of Ripple, the difference is around $19.8 billion – showing that Ripple surged by 184% before the price got corrected. However, the market cap of Ripple went above the market cap of Ethereum and XRP was for a short time the new silver to Bitcoin’s gold.
However, the main question that everyone has right now is the following…
How the altcoin Ripple (XRP) managed to double its price in less than a week?
The first factor is obviously the launch of the xRapid solution, which came after long anticipation and was meant for a commercial launch as soon as next month. The payment service allows financial institutions to use the XRP tokens for conducting cross-border transactions.
The second factor was the announcement from Coil and PNC. According to it, XRP has linked with the biggest names in the online world such as Wikipedia, Twitch, YouTube and other, with an aim to reward their users directly in XRP.
The final factor, according to us, was the fear of missing out (FOMO) which catapulted Ripple’s price – solely because everyone believed that ‘now is the right time to invest in XRP’. This is what finalized the bullish transformation and pushed Ripple up.
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