Ripple current price (XRP to AUD): live updates & analysis
Ripple's XRP has been going nuts this week - here's what's going on.
List of exchanges that allow you to buy Ripple
Over the past month Ripple has signed some major partnerships across both the USA and Asia resulting in its price going up more than 450% in the same time.
As of 10:45AM AEDT on 31 December, Ripple's currently sitting at $2.86, up almost 60% over the last 48 hours. However, it's down from a high of $3.46 yesterday afternoon.
CoinMarketCap data showed that a little over 30% of XRP transactions in the last day have come from South Korean exchange Bithumb.
It’s believed a lot of this activity is due to Ripple's popularity in Asia. SBI Ripple Asia, Ripple's joint venture with Japanese financial institution SBI, announced earlier this week that it's exploring how it can use the technology in card payments across Asia.
This venture has been responsible for several big partnerships in the region, with over 75 companies now supporting the technology.
Earlier this morning XRP passed ETH to become the second-largest cryptocurrency by market value which also brought with it a mountain of press coverage, bringing Ripple into the mainstream. Since then, the spike has gone up even faster as speculative buyers look to jump onto Ripple while it's still growing.
There have been rumours continually floating around on Twitter and Reddit over the past 24 hours that Coinbase could be listing XRP sometime in early January. Such a move could bring another huge spike in price if the listing of Bitcoin Cash on Coinbase earlier this month is anything to go by. The price of BCH rose more than 60% in 24 hours after being listed on Coinbase.
The biggest reason backers are getting behind Ripple is that it is not just a cryptocurrency like bitcoin. Ripple is also used as a digital protocol that acts as a bridge to other currencies. Banks and financial institutions have already started to use this to allow real time transactions across the world in multiple currencies.