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The prices of Ethereum (ETH) and Ripple (XRP) have increased by more than 10 percent in the last five minutes, despite the lack of momentum of the major cryptocurrencies like Bitcoin.
A peak in the volume of XRP and ETH was activated around the same time on Bitfinex, affecting other important exchanges of cryptocurrencies.
No major announcement or development has been made in the last 12 hours, which has led investors to be skeptical towards the sharp rise in prices of the two digital resources.
Possible factors of XRP Rise
Today, on September 18th, some members of the Ripple community have suggested that a massive development of Ripple will be announced in the near future, building up hype about a product or event that has not yet been made public.
The short-term hype about Ripple echoes the false prediction of potential integration of Coinbase at the start of 2018. No credibl The respected sources or figures in the cryptocurrency market have reported important partnerships or events for Ripple, which suggests that the movement of XRP was initiated by the market, not influenced by recent events.
As reported by CCN on September 17th, Ripple announced that a new cryptocurrency product will be available next month, but Ripple's announcement coverage focused on the regulatory side of the cryptocurrency market, rather than on the product. same.
"A couple of years ago the narrative was: good, cryptic, bad blockchain.What we are seeing now is more and more regulators, politicians who take up all the space in a conjunction.Then, I think the narrative luckily now is changing because policy makers and regulators are seeing that there is a strong advantage that digital resources and cryptocurrencies bring, "said Sagar Sarbhai, Ripple's regulatory relations in the Asia-Pacific and Middle East regions. . [19659003] Given the fact that XRP started to rise in value less than an hour ago, it is implausible to state that the recent announcement made by Ripple led the price of XRP to increase.
In addition to ETH, XRP is one of the few businesses that recorded extremely strong downward movements in recent months, with poor results compared to Bitcoin and the US dollar. The overcapacity conditions demonstrated by the XRP may have triggered the market to initiate a sudden corrective rally.
Suspected volatility in ETH
In general, Ethereum is not affected by developments in the sector, as the second largest cryptocurrency on the market represents a large ecosystem of decentralized applications (dApps).
It is rare that a single development or event on the market influences the price of Eth. As a result, the sharp rise in the ETH price was most likely caused by a group of investors who pushed for a corrective rally, after ETH experienced a sharp decline from $ 220 to $ 190.
The abnormal market movements demonstrated on September 19 suggest that the market is still bottoming and a medium-term rally is not yet ready to be launched, at least until the market becomes more stable.
Featured image of Shutterstock.
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