Reasons Behind XRP Price Surge of Over 90% This Month
Ripple’s XRP price surged over 90% in the past month.
Reasons behind the XRP price surge include a rise in unique addresses, XRP buybacks, and new product releases.
Other reasons include the proposed rule of OCC and XRP partnership with Bank of America.
The price of Ripple (XRP) surged over 90% in the past month. The reasons behind this price increase are due to the rise of unique addresses, XRP buybacks, new product releases, and other factors.
Top 3 reasons behind XRP price pump
Ripple price has become the trending topic in the crypto space in recent days. Moreover, this crypto asset has given remarkable profits in a short period. It has spiked more than 90% in the past month which is considered to be a good profit.
In line with this, various reasons affected the XRP price spike. The first reason is due to the unique XRP address surge. The addresses interacting with XRP increased in late November. The trend enhanced when the cryptocurrency increased 27% in one day on November 22.
The second reason is Ripple buybacks. During the Q3 of 2020, Ripple purchased $45.5 million worth of XRP in a repurchasing program. The third reason is due to the excitement of new product releases. Accordingly, these reasons led to an XRP price surge.
Another reason behind the XRP price hike is the proposed rule of the US Office of Comptroller of the Currency which is responsible to regulate the national banks. Also, adding on to the reasons is XRP partnership with the Bank of America. The below chart also shows the XRP price rally of over 90% last month.
XRP Price Chart 1-Month (Source: Tradingview)
Ripple is a San Francisco-based cryptocurrency favored by payment institutions. According to CoinGecko, the XRP price is at $0.70 with a 24-hour trading volume of over $21 billion, at the time of writing. Meanwhile, the global cryptocurrency market cap increased to $564 billion from $529.5 billion yesterday.
Crypto trading has enticed Ananthi to write for CoinQuora. She has made it her personal mission to teach people about cryptocurrency and to simplify the terms for non-geeks to understand with ease.
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