XRP price analysis 21 September: Coin enjoys another substantial surge in value
The token's price continues to rise this week on the back of Ripple's latest xRapid announcement.
- XRP has shot up by about 15% over the past 24 hours of trading.
- Trading volumes have increased by almost two fifths (38%) since yesterday.
- The token's value is likely soaring as a result of heightened potential for Ripple's xRapid platform.
Yesterday, the token began trading at US$0.317. From there it continued its climb, rising as high as US$0.329 before trading sideways for an extended period. In the early hours of this morning the coin's value gathered momentum, increasing to US$0.373. It has since lost a little steam but there remains the potential for further price advances.
At the time of writing, XRP was valued at US$0.371.
24-hour trading volumes have soared overnight, growing from US$489 million to US$675 million.
Earlier this week, Ripple's head of regulatory relations for Asia-Pacific and the Middle East Sagar Sarbhai told CNBC that we will likely see real-world adoption of the company's xRapid product in the next month or so. xRapid has been undergoing a number of practical tests lately. The fact that it could be rolling out commercially in the next month is having a positive impact on prices, despite Ripple and XRP being two separate entities.
BitBull Capital cryptocurrency fund chief executive Joe DiPasquale told Forbes that XRP's latest surge has been driven by the anticipation of Ripple's new fintech development. However, he remains sceptical of its benefits.
"The main development fueling this drive is the upcoming xRapid release, which, many believe, will lead to real-world usage of XRP and push the price even higher," he said. "Despite all the partnership news surrounding Ripple, there are no concrete commitments regarding the extent to which xRapid will be employed, and given all this, I am inclined to term this a 'buy the rumor, sell the news' event."
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Ethereum price continues to slide, correcting by 9% overnight
- Bitcoin price drops 5% overnight as usage weakens
- Expert analysis: Ethererum’s price is consolidating, not stagnating
- Bitcoin price drops as US hikes interest rates – are they connected?
- 4 tips to streamline your Australian cryptocurrency tax in 2021