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XRP price analysis 21 September: Coin enjoys another substantial surge in value

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Peter Terlato
Posted: 21 September 2018 5:36 am
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The token's price continues to rise this week on the back of Ripple's latest xRapid announcement.

Key takeaways

  • 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.

XRP continues its hot streak this week. The cryptocurrency has experienced a flurry of support from buyers this week and enjoyed another price hike of 15% in the last 24 hours of trading.

XRP

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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