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The price of XRP has seen an increase recently, with its growth diminished only by that of Bitcoin Cash [BCH]. However, the currency is not unrelated to large increases in its price, as seen by its 117% growth at the end of September. This excursion saw the coin starting in October at $ 0.59, from lows of $ 0.27.
1 month XRP price chart | Source: CoinMarketCap
The currency then saw a slow downward movement, indicative of the fact that the market slowly lost interest in money. Soon he reached his monthly low, touching the low at $ 0.37 on October 12th, proceeding to recover to trade around the $ 0.40 mark. This stimulated further upward movement in the currency, which fell near the lower end of the $ 0.40 threshold before reaching $ 0.46 on October 15th.
This was around the point where the currency began to show the sideways movement seen from the cryptocurrency market in the second half of October, remaining constant around the value of $ 0.46 and falling slowly to $ 0.44 in the month. . He also maintained this price movement in the first week of November.
However, the currency saw a sharp hike on November 5 at $ 0.48, with momentum going up to $ 0.56 the next day. Since then, a series of corrections has seen the price drop to $ 0.53, where it is currently traded. This excursion also saw the transfer of prices to position no. 2 for total market capitalization, exceeding Ethereum [ETH] for the position.
Interestingly, the excursion demonstrated behavior similar to that seen when the price saw its astronomical growth at the end of September. The price is also related to the increase in volume, which has seen a 3-fold increase from $ 411 million to $ 1.4 million in the space of one day.
While this is usually considered to be the currency movement due to the use of Ripple's xRapid technology for cross-border payments, the hype for the product has also been considered a decisive factor in the price of the currency. In addition, the product is also confirmed to be used by 6 customers, namely Cambridge FX, Mercury FX, IDT, Cuallix and Viamericas. This further contributes to the cycle of hype in the construction phase of the product.
Cory Johnson, Ripple's Chief Market Strategist, said in an interview with CoinTelegraph:
"I expect our launch to be … most will be xCurrent, some xRapid, and even less xVia. Over time this may change, but initially the older things get the maximum traction, because customers have had the chance to watch it longer and get used to the idea more quickly. "
This also adds the theory that more Ripple customers would switch to xRapid for their payments. There are also several voices of a partnership between Ripple and SWIFT, their main competition. However, the use of xRapid and its real effect on the price of money have not yet been seen.
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