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Ripple’s XRP, currently the world’s third largest cryptocurrency by market value behind bitcoin and ethereum, has soared over the past week, adding around 150% to its price.
The XRP price has risen nearly four times since the start of 2020, climbing alongside bitcoin and most other major cryptocurrencies following the coronavirus pandemic.
Now, after some positive developments for Ripple’s XRP, it has come out of a nearly three-year downtrend although it remains far from its all-time high of 2017.
Ripple’s XRP token price has risen roughly 150% over the past week as investors pile up in the … [+]
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XRP’s latest upside comes after the Ripple company, which owns roughly 60% of XRP tokens, said it is looking to capitalize on the central bank’s rush to digitize its own currencies.
The San Francisco-based company is looking to hire a senior director of central bank positions, according to a new job list, following comments made by Ripple CEO Brad Garlinghouse earlier this month that banks power plants could use XRP Ledger to issue so-called stable coins pegged to fiat currencies. He also stated that XRP could be used as a bridging resource for exchanging digital forms of fiat.
“Using stablecoin alone doesn’t really solve the problem that XRP is solving,” Garlinghouse told The Scoop podcast. “XRP as an extremely efficient and extremely scalable blockchain is ideal for this.”
Meanwhile, the regulatory landscape of payments and transfers, which has remained obscure in recent years, has recently become clear.
“Unexpectedly, the brightest among the alternative currencies was the XRP token,” Alex Kuptsikevich, senior market analyst at FxPro, said via email, indicating “speculation” that the massive XRP rally could be associated with the office. American currency controller bill, which will prohibit banks from blacklisting competing legal industries, which could include Ripple’s business. “
“This aims to speed up and reduce the cost of bank money transfers while still having all the necessary licenses,” Kuptsikevich said.
Ripple’s XRP price has risen just under 140% in the last week alone.
Coinbase
Ripple has been fighting allegations of lowering the XRP price by selling off the cryptocurrency since it hit all-time highs of around $ 4 amid the bitcoin craze in late 2017.
“The coin has had a very difficult time in recent years, but especially the oversold conditions ultimately played into XRP’s hands,” added Kuptsikevich.
Meanwhile, both bitcoin and ethereum are up this week, adding 10% and 30% respectively as Wall Street and a number of large investors show renewed interest in cryptocurrencies.
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