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Ripple: Bitcoin's rival XRP suddenly doubles in value in an extraordinary price hike

The cryptocurrency market has witnessed a dramatic surge, with an increase in the price of bitcoin, ether (ethereum) and XRP of between 5 and 100 percent in the last 48 hours.

XRP: the digital heritage of US technology firm Ripple – saw the largest gains, doubling the price from Wednesday to rise above $ 0.50 for the first time since June.

The third most important cryptocurrency in the world is notoriously subject to rapid price increases and falls, peaking above $ 3.80 in January before a sudden crash.

Cryptocurrency experts and market analysts have struggled to explain the sudden change in the market, even if many pointed to the development of xRapid – a new product related to Ripple.

xRapid developers say technology could help banks significantly speed up transactions using XRP. The rumors that the product was close to launch seemed to be confirmed by a series of high-value transactions involving ripples.

"High transaction values, combined with market sentiment after Monday's announcement, could be why XRP has achieved new high goals, having gained almost 50 percent in the last 24 hours", said Ed Cooper, head of furniture at the Revolut digital banking service company.

"Although this is great news for many crypto enthusiasts, and in particular for XRP fans, it remains to be seen if the uptrend will prevail, given the current market conditions that have seen almost all cyrptocurrencies lose much of the their value from the beginning of the year. "

This hypothesis was strengthened by Matthew Newton, an analyst of the commercial company eToro, who said that the cryptocurrency had more exposure than bitcoin on its platform.

"The stars seem to have aligned for XRP today." The news that Ripple's xRapid product may be imminent, combined with some announcements of timely partnerships, has created a crucial buzz that is affecting the price, "Newton said [19659058] The cryptocurrency XRP exploded in the price (REUTERS)

He added: "Despite being one of the most polarizing cryptographers of all, eToro's customers can not get enough XRP at the moment, it has more visibility than any other resource on our platform.As we have seen in the past, the price tends to move in short, in sharp gusts, gathering a lot of momentum when building the hype.It remains to be seen how far it could go. "

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