It’s not every day that you wake up to see a cryptocurrency within the top ten recording a 40% gain within the last 24 hours.
But that has been the case with Ripple XRP, and the bullish run looks set to continue. In fact, crypto experts are tipping the coin to overtake ETH into second place with only a $5 billion market cap now separating them.
At press time, ETH Market Cap was $23 billion while XRP was $18 billion. Moving back to Sept 16, XRP’s total market cap was exactly half of ETH. XRP currently trades at $0.463 with a trading volume of $1.8 billion across all exchanges.
Interestingly, the last time XRP reached the current price was in mid-July and early last month.
What is The Reason Why XRP is Growing Over 40%
As we notice in the chart below the XRP breakout started midday Sept 18. This was shortly after Ripple Labs announced that plans to launch a new product known as XRapid by next month.
(XRP Breakout Started Midday Sept 18)
According to the report, XRapid will help banking firms around the globe to speed up transactions using the XRP. Over 112 banks were said to have indicated an interest in trying out the new product, and this will no doubt lead to widespread adoption of the coin.
Following the bullish trend, PNC one of the top ten banks in the U.S also announced that it will be using Ripple technologies to promote international transactions for its customers.
Another factor that can be adding to XRP’s growth is the return of the bulls to the crypto markets. The explosive growth in Ripple price began when the crypto markets were on bearish movements, and has continued until now.
BTC has since then moved from $6300 to $6727 at press time while the total market cap has rebounded to $225.
How long XRP continues this bullish run will be an interesting one to keep an eye on. This is because you would have to go back to March 5, 2018, to find the coin at the $1 mark.
Right now, the trend is so bullish that we cannot rule out the possibility of seeing the coin kiss that mark.
charts by tradingview.com and Coin360.io
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