The price of Ripple’s XRP is climbing at the beginning of the new year when it rapidly jumped 8% on January the 6th. In the last few days, the digital asset started to signalize revival and has returned to $0.21 as we can see in the XRP news today.
There was pressure on XRP by its prolonged falling and has fallen every time the Ripple escrow account emitted new coins. However, the asset seems to change its direction, as the latest tranche in the second half of December did not bring the price lower. These are the main reasons why XRP is growing.
The causing event for the newest price growth it looks like it has come from Binance’s announcement of an XRP futures market. This new kind of speculative trading will make it possible to bet on price swings without settling for the said asset. A futures exchange can be more liquid and could lack the danger of whale dumping on the spot market. After a disappointing December, XRP has fallen to $0.18. At those low levels, the community lost some of the hope it had, but buyers kept buying the coin hoping for a rally. Now that the rally is here the hype must grow with the expectations of higher volatility.
Another cause for the growth can be insider trading, as the growth happened quite suspiciously before the official Binance announcement was publicized. While there is no evidence to support this claim, it is coincidental that the price of XRP jumped so dramatically before a major announcement. Added to the newest good XEP performance is the statement Brad Garlinghouse that Ripple cannot control valuations of XRP.
“Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin. Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that”
There are some extreme predictions for the cryptocurrency that it will displace Bitcoin (BTC). But at this time the coin is struggling to regain its previous position.
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XRP is climbing continuously and we will see how the coin will manage to keep it up against other coins on the market.
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