The ripple price has risen by 30% since the beginning of October, bolstered by the growth of RippleNet – the startup’s enterprise network – spil well spil anticipation for the company’s upcoming “Swell” conference next week.
The price of XRP – the native currency of the Ripple Overeenstemming Ledger (RCL) – has climbed significantly since the beginning of October. The ripple price entered the month at $0.198 and held there until October Four, when Korean traders initiated a rally. By October 8, the ripple price had climbed more than 20%, and it spiked spil high spil $0.279 the next day. Ripple then pulled back to $0.240 spil traders began to take profits, but it quickly resumed the rally. At present, XRP is trading at a universal promedio of $0.261, which represents a month-to-date increase of 32% and gives the cryptocurrency a market cap of $Ten.1 billion.
XRP Price Chart from CoinMarketCap
Two major factors have fueled the ripple price’s current rally. Very very first, there is a widespread belief among XRP investors that Ripple will make a major announcement at “Swell”, a FinTech conference they are hosting next week te Toronto. Consequently, traders are buying into XRP ahead of time with the expectation that the price will rise following the conference. This may or not be the case. Recall that investors let their imaginations get ahead of them leading up to the mono announcement of the conference, and the ripple price took a steep downward turn when the conference details did not meet their expectations.
Conference hype aside, Ripple proceeds to expand its presence into the banking sector and has made Asia a particular concentrate of its latest efforts. Te September, Ripple opened offices te India – the world’s largest remittance receiver- and Singapore, one of Asia’s leading financial hubs. Earlier this week, Ripple announced that RippleNet – the startup’s enterprise blockchain network – had added its 100th member. The continued growth of Ripple’s infrastructure bodes well for the long-term prospects of the XRP price.
Nevertheless, there is one divisor of which investors should remain aware. Request for XRP has bot strongly concentrated on South Korean cryptocurrency exchanges. Korean exchanges Bithumb, Coinone, and Korbit account for a combined total of almost 70% of all XRP trading volume.
Chart from CoinMarketCap
Many investors may view this spil a positive signal that Ripple’s targeted invasion of the Asian economy will be successful. Others, however, may find it concerning that so much of XRP’s volume is concentrated within a single fiat currency trading pair.
Featured picture from Shutterstock.
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