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In the last 24 hours, the main cryptocurrencies of the global market, including Bitcoin, Ethereum and EOS, have increased by 2-5%, as Ripple led the market with a solid gain of 10%.
Starting September 18, within 48 hours, the price of XRP, the native cryptocurrency of the Ripple blockchain network, has increased by over 36.5%.
Technical analysts in the cryptocurrency community have expressed their optimism towards the trend reversal demonstrated by XRP in the last 24 hours.
What's behind the Ripple Rally
Unlike previous XRP rallies, the sharp rise in Ripple's price has not been triggered by a specific series of events. Rather, similar to the rapid recovery of ETH, Ethereum's native cryptocurrency, it is likely that the sharp decline in the price of XRP in July and August led the market to demonstrate oversold conditions.
Since the end of June, XRP has experienced a more intense downward movement than other large cryptocurrencies like Bitcoin. The price of the XRP was about $ 0.54 on June 21st and within two months the XRP fell to $ 0.29, by 46 percent
Meanwhile, during the same period, the price Bitcoin fell only 9 percent, from $ 6700 to $ 6.100. [19659002] In the last seven days, the social media activities of the XRP and Ripple keywords has increased significantly, probably due to the announcement of a new cryptocurrency product Ripple by October. The increase in social media activity around Ripple has probably led to an increase in XRP hype.
Marcus Treacher, Ripple's global strategic account leader, recently revealed that RippleNet has experienced rapid expansion in 40 countries, implementing a faster and more transparent payment system internationally.
"The new RippleNet corridors have a potential combined market that amounts to over $ 2 billion in inflows in the last year: InstaReM and RationalFX have opened new corridors from the UK to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh: Remitr and FlutterWave established a RippleNet Corridor in Nigeria from Canada, the first connection to RippleNet in Africa BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal " said Treacher.
A combination of RippleNet's rapid growth, Ripple's planned announcement of a product release in October and a short-term turnaround demonstrated by the cryptocurrency exchange market, the XRP has increased by such a large margin in a short period of time.
Market Status
On September 19, CCN reported that the volume of Bitcoin will have to remain above $ 4 billion. Mark so that the dominant cryptocurrency maintains momentum in the coming days.
In the last 24 hours, the volume of Bitcoin has remained above $ 4.2 billion while the volume of the global cryptocurrency market has increased from $ 10 to $ 12 billion.
With the volume of the market and the prices of cryptocurrencies of large and small market capitalizations that are recovering, a gradual increase in the evaluation of the encrypted market is expected from September.
Close-up image of Shutterstock. TradingView Charts.
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