Home / Ripple / The billionaire investor Novogratz talks about 3x Surge ripple: 3 possible factors

The billionaire investor Novogratz talks about 3x Surge ripple: 3 possible factors

  The millionaire Investor Novogratz discusses Ripple 3x Surge: 3 possible factors

XRP, the native cryptocurrency of the Ripple network has increased by another 10% while investors speculate about what caused almost three times the price in the last week. [19659003] According to major investors and analysts, the staggering 155% increase in the price of Ripple over the last seven days from $ 0.27 to $ 0.69 is largely attributable to three main factors: short compression, possible pilot tests with xRapid and increased social media activity. [19659004] Behind there is Japan and South Korea?

A significant portion of XRP trading volume has been concentrated in the cryptocurrency exchange market in Japan last week, particularly when XRP began to demonstrate volume and volume recovery.

Related: Ripple sees huge gain of 40% as Crypto Market Adds $ 12 billion, is the bear market?

Coincheck, Bitbank and Coinone also recorded large volumes XRP, th After opening the possibility of banks in Japan and South Korea to continue their pilot tests on xRapid, Ripple's liquidity product.

For years, SBI Holdings, a major financial institution in Japan, has operated as one of Ripple's major banking partners. SBI led the major banking consortia for Ripple including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group – all of whom are actively testing xRapid and other products launched on the Ripple network.

In March 2018, Woori Bank, the largest commercial bank in South Korea, completed the second phase of cross-border payment pilot tests on xRapid. The tests of Woori Bank and Shinhan Bank, two of the country's largest financial institutions, were part of a broader partnership established between Ripple and South Korean banks in December 2017.

Emi Yoshikawa, director of partnerships Ripple said year:

"The pilot project of the Japan Bank Consortium with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor.The use of RippleNet for sending cross-border payments strengthens the fact that financial institutions are ready to provide a modern payment experience and enable the Internet of value. "

While Ripple announces the release of a product on its blockchain network next month, Ripple's CEO, Brad Garlinghouse, ensures that a dozen other banks will use Ripple by the end of 2019. This, in turn, has led to an increase in banking activity on the Ripple network and is probable. Skillful contributor to the corresponding price peak [19659003] At the Money 20/20 conference, Garlinghouse explained:

"I have publicly stated that by the end of this year I have full confidence that major banks will use XRapid as a tool to liquid assets. You know, by the end of next year, I certainly hope we'll see you in the order of … dozens. "

Mike Novogratz says Short Squeeze and New Buyers led the Rally

Earlier this week on CNBC Fast Money, legendary investor and former hedge fund manager of the Novogratz Fortress discussed the status of the encrypted market. He emphasized progress in institutionalizing the market with trustworthy custodian solutions and publicly tradable instruments.

Most of the interview focused on the medium-term trend of Bitcoin and the likelihood that the institutions will enter Crypto-currencies sector in the coming months

As for Ripple, Novogratz explained that a short squeeze affected the price to a certain extent and new investors entered the price.

Novogratz declared :

"They are building a big business. Full disclosure – We are (Galaxy Digital) a 1% owner in Ripple, the company, not the currency … They have a good story. When something skips 3 times, I do not understand it. [Maybe] is a little reduced, because I'm sure some people were short, but there were [likely] new buyers. "

These three factors have led Ripple to increase in value by more than 155 percent in seven-day, briefly exceeding Ethereum in the market valuation

XRP, currently in third place by market capitalization , it is down to 0.8% in the last 24 hours.XRP has a market capitalization of $ 23.03 billion with a volume of $ 24.77.

CryptoCompare

The XRP is down 0.8% in the last 24 hours

Cover photo by Heather Emond on Unsplash

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  Joseph Young Author

Joseph Young

Joseph Young is a finance and technology journalist based in Hong Kong . He has worked with leading media and news agencies in the fields of technology and finance, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

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