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Ripple (XRP) ballistic past $0.55: XRP/USD adds a massive 12%

  • Ripple lagging reaction bursts in an incredible swing above $0.55.
  • Ripple is placing itself at the forefront of UAE Government’s blockchain services and payments.

After a month-long stability, the cryptocurrency market has begun putting a smile on the investors’ faces. The calm in the October was not only witnessed in the usual crypto market but also in the global equity markets according to the United States Chicago Board Options Exchange (CBOE). The exchange notes that Bitcoin (BTC) futures trading bottomed in October hitting record lows.

Ripple (XRP) was also stuck in range as discussed in the price analysis published earlier today by FXStreet. The digital asset is currently the only double digit gainer among the top ten cryptocurrencies rising by 12% on Tuesday 6. The move is expected to progress in the near-term owing to the previous upswing that saw XRP/USD add more than 100%.

The investors continue to change their sentiments towards XRP as the company’s products take route around the world. The San Francisco-based blockchain company has established itself as a global provider of financial solutions using the blockchain technology. Moreover, the entrance in the Middle East through Dubai has been a great boost to the digital asset’s performance. Moreover, Ripple said it has over 200 partners signed for its RippleNet solution and is positioning itself as the focal point of DLT solutions to the UAE government.   Ripple has already made progress in India, besides the goal is to expand through the Asian region.

The crypto lagged its reaction to the positive news released at the end of last week remaining in a range with the upper limit at $0.47. The other major digital assets like Bitcoin, Ethereum, and Bitcoin Cash recorded significant gains on Sunday and followed by consolidation on Monday. Ripple’s XRP rally kicked during the Asian trading hours on Tuesday where it broke above the range and corrected above $0.5 before increasing the gains above $0.55.

At press time, Ripple is changing hands at $0.53 while its market capitalization has increased significant as well to the current $21 billion. XRP has a 24-hour trading volume of $1.1 billion where most of the volume went through Bitbank and Upbit exchanges.

Read more on Ripple’s XRP latest price analysis here.

FX Street

FX Street

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