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Over the course of the week, digital currency markets saw colossal gains and one crypto asset, specifically XRP, has significantly increased in value over the past seven days. The XRP distributed ledger token was up 25% on Tuesday alone, and the seven-day price statistics show that the coin also gained 123%.
At the time of publication, XRP is currently trading for $ 0.677 per coin as it gained over 25% during Tuesday’s morning (ET) trading sessions. The coin holds the third largest market valuation today with a current liquid market capitalization of approximately $ 22.55 billion.
Market capitalization gives the XRP token a 4.02% dominance index compared to the value of all crypto assets in existence today ($ 563.91 billion). The price of the XRP token has more than quadrupled over the year.
There is currently a supply of 45,348,221,180 XRPs in circulation today and there has been approximately $ 11 billion in XRP trading volume reported during the past 24 hours.
One of the main reasons for the current XRP spike comes from the Flare Network project, which plans to send tokens to XRP owners. This means that more than 45 billion “spark” tokens will be given to owners of XRP who own it anytime before December 12, 2020.
XRP is seeing the majority of trades on Binance, Upbit, Huobi Global, and Coinbase Pro. XRP still has a long way to go to reach an all-time digital asset high recorded on January 3, 2018, at $ 3.30 per XRP. Many bitcoin and cryptocurrency advocates dislike XRP and see the project as a very centralized operation no different from traditional databases.
Despite these criticisms, XRP fans think the token will continue to grow because the project is pro-banking and claims to work with over 350 financial institutions. Unlike bitcoin (BTC), distributed ledger consent is handled by XRP’s independent servers.
On November 23, XRP settled over 981,000 transactions in 24 hours, which is well above (180% up) the average BTC’s 350,000 transactions per day. While confirmation times for BTC can be more than 10 minutes or hours depending on the mempool backlog, XRP transactions settle in five seconds.
While some of these benefits appeal to some users, bitcoiners loathe XRP for creating 100 billion tokens at launch. Many crypto advocates think that XRP goes against the very nature of decentralized cryptocurrencies and many users won’t come close to the token.
Meanwhile, XRP’s fork, stellar XLM, also saw huge gains this week and gained 54% in value over the past 24 hours. XLM, created by one of XRP co-founders Jed McCaleb, is up over 93% this week and 103% over the past 30 days.
What do you think about XRP climbing the cryptocurrency rankings and gaining value against the USD? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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