XRP Rises By 27% In A Strong 3-Day Rally

The price of Ripple’s XRP token is in the cryptocurrency news today, after it ignited a massive surge a couple of days ago. As we can see, XRP rises by 27% in only 3 days and the rally comes during a period where most of the major cryptocurrencies are struggling against the US dollar in a wide market pullback.

Around the same timeframe, the Bitcoin price news showed that BTC has declined from $8,200 to $7,800 and the price of Ethereum meanwhile also slipped from $177 to $169. As a cryptocurrency which has been mainly utilized on RippleNet by financial institutions interested in processing global payments, the price trend of XRP has seen a high level of correlation with new entrants in the RippleNet ecosystem.

As XRP rises and pushes through a new price margin, we can see that its payment settlement network is more valued. For those of you who don’t follow our Ripple cryptocurrency news, you should know that the value of such payment settlement networks mainly comes from financial institutions and payment processors which use the protocol to send and receive information, establishing a major network effect.

On the side of fundamentals, additions of large financial service providers onto Ripple’s blockchain solutions have been considered one of the key drivers for the short term price of XRP. A great example of this was the news on June 17, when Ripple announced a strategic partnership with the major remittance service provider MoneyGram – something which ballooned the price of XRP from $0.26 to $0.31 in the 48 hours that followed. Now, XRP rises again, following a new major development.

“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies,” the CEO of Ripple Brad Garlinghouse noted back then.

In the past week, analysts have turned to technicals to support the recent upside movement and see why XRP rises so much. However, subsequent to a relatively large fall against the US dollar from a record high, XRP has started demonstrating oversold conditions, too.
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