Ripple’s XRP adds $2 billion to its market cap in just a day
Ripple’s XRP is showing remarkable growth as its the third day that it has posted continuous double-digit gains in the crypto market. XRP is on a winning streak in the market. The coin has surged by 36% in the past 48 hours and is leading the crypto market currently with 13.32% gains. Its market capitalization has risen by over $2 billion.
XRP Technical Analysis
XRP has breached the resistance level of $0.32 and has shot up above $0.35, its next resistance level. The prices seem to have found support at $0.32 and are currently trading at $0.37. The coin has found a second support at $0.35. The MACD exhibits a bullish momentum for prices and the 100 EMA line trading at $.3103 is showcasing an uptrend.
Why a Surge?
XRP has experienced strong seller pressures since late June. The price of the coin was around $0.54 dipped to The coin, which was trading around $0.54 experienced a slump of 46% and started trading at $0.29. Looking at the price trajectory of this month XRP which was losing in the market at the beginning has recovered quite well and is leading the market, posting solid gains. The upcoming xRapid launch has been a talk around the town as Ripple’s Sagar Sarbhai said that Ripple is rapidly progressing with its plan of launching the product. Some say that this has resulted in a price hike.
Marcus Treacher, the global head of strategic accounts at Ripple, recently said that RippleNet has extended its operations to over 40 countries promoting faster cross-border payments system.
“RippleNet’s newest corridors have a combined potential market that totals over $2 Billion in inflows over the last year: InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Remitr and FlutterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal,” Treacher said, according to a CCN report.
Ripple’ strategic partnerships, an impending product release and the expansion of RippleNet pushed the prices towards a trend reversal. Sporting a strong recovery in the market XRP might be able to show positive gains this month.
Image via Shutterstock
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