XRP price increases by 6% when the cryptocurrency turns green: here’s why

XRP (XRP/USD) is the biggest gainer in the cryptocurrency market at the time of writing, outperforming major coins even as the markets rallied slightly on the stock’s first day of trading after the Christmas weekend.

A look at the market shows that XRP is up nearly 6% in the past 24 hours, the biggest gain among the top 10 cryptocurrencies. Indeed, Bitcoin (BTC) and Ethereum (ETH) are both in the green only, while Cardano (ADA) and Polygon (MATIC) are the next best performers of the day with 1.5% and 1.8% respectively of earnings.

Are you looking for quick news, useful tips and market analysis? Sign up for the Invezz newsletter today.

Ripple’s XRP rises to lead the cryptocurrency

XRP is currently trading around $0.3717, a price level it sees on the 6thth ranked the cryptocurrency by market up 5.8% in the past 24 hours. Data from CoinGecko shows that the price of XRP has increased by 9.6% over the past seven days, again the biggest gain among the best-selling coins in the span of time.

XRP/USD price movement on the 4-hour chart. Source: TradingView

On Binance, XRP traded at highs of $0.3731 and is currently looking for a second green candlestick on the 4-hour chart after the previous slight pullback which saw it touch $0.3586.

Why has the price of XRP soared today?

While it’s not easy to pinpoint why XRP has risen more than the other top 10 coins, the gains come from a positive sentiment within the XRP community. In particular, it is the potential for a favorable outcome in the Ripple case against the US Securities and Exchange Commission (SEC). The case that has been dragging on for two years now is coming to an end and XRP could be declared not a security.

The XRP price jump also follows the official launch of XRP-based cross-border payments by Tranglo, a Malaysia-based company that recently partnered with Ripple Labs.

The company, which offers foreign remittances and mobile-based payments, expects its real-time transactions to soar in the coming years. By sharing the news on its Twitter page, Ripple She said Tranglo’s real-time transactions will grow 3.5x by 2025.

Tranglo was founded in 2008 and has offices in Kuala Lumpur, Jakarta, Dubai, Singapore and London. Its services are available in 150 countries, with customers including more than 5,800 mobile phone operators, 2,200 banks or wallets and more than 140,000 cash points.

Add a Comment

Your email address will not be published. Required fields are marked *