Over the past 24 hours, there is a lot of green and positive movements in the latest cryptocurrency news. And while Bitcoin remains stable in the $6,600 region after it recorded a solid growth, Ethereum follows at $225. However, one of the most shocking surges was the one recorded by XRP, the token of the native cryptocurrency Ripple.
With a rise of 44,73%, Ripple is now standing at $0.471, which is almost a double from its price a couple of days ago. According to analysts, this abrupt increase in the price of Ripple was not triggered by a specific series of events.
Rather, XRP rose because of the oversold conditions throughout July and August. Even though the price of Ripple was around $0.54 on June 21st, it dropped to $0.29 within two months, by a rough 46%.
It now seems that XRP is regaining its power. The social media activity judging by the keywords XRP and Ripple also increased, possibly because of Ripple’s announcement of a new cryptocurrency product by October this year.
However, we can also say that RippleNet, the blockchain platform behind Ripple, is taking over the crypto news lately. With big clients such as banks, it is stealing the show and establishing a solid presence for itself online.
All of these combinations led to Ripple stabilizing and coming closer to the $0.5 mark, just like Bitcoin and the much-needed $7,000 price breakout.
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