Ripple was among the coins that suffered the most this year when the demand for cryptocurrencies decreased but reaching today’s crypto news, Ripple is proclaimed to be the best performing coin for September.
The market cap of Ripple surged by 67%, mostly because of huge industrial announcements, FOMO and many other important factors. Also, this month Ripple was one of the coins that recorded the least losses. Going back to Bitcoin, its market cap value dropped by 8 percent and Ethereum even fell even further by 22%.
Interestingly enough, Stellar which is a huge competition to Ripple was also one of the coins that recorded great increase. Stellar’s market price jumped to more than 14 percent. On the other hand, XRP established a bottom range in mid-August around 0.25$ and tested this level later in September forming a stable level at $0.35.
The price movements started shortly after Ripple CEO announced the plan of expansion of RippleNet-the international payment service. Last year in October, the price of XRP also surged by more than 28 percent after Ripple added a new partner to the RippleNet service. Ripple does a great strategic job by partnering with other tech or financial giants such as the latest partnership with the US-based PNC bank.
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It’s important to note that analysts believe that strategic partnerships are influencing the price of XRP and also draw attention to traders and making them buying tokens because of the fear of FOMO. XRP found its support level despite today being in the red zone, dropping by 5.44% and it’s currently at $0.55 at the time of writing.
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