Ripple XRP is currently the third largest cryptocurrency by market cap with a press time price of $0.55.
In this report, we consider what happened to XRP in the past week (17th September -24th September) as it recorded new all-time-highs for a single trading day.
At the start of the week in consideration (Monday 17-09 08:59 UTC +1:00), XRP was valued at $0.28. The altcoin later saw near insignificant losses on this trading day and rounded off with a $0.27 price.
As observed on the chart above, the coin experienced an upswing for the next 48 hours moving up from $0.27 to around $0.32 within this period. Then, came the big day when the coin surged to over 100% gains in a single day.
The Day That Ripple (XRP) Grew 100% in a day
Around midday, September 20, precisely around (12:29 UTC +1:00) XRP began a bullish trend that lasted for more than 24 hours. This created a lot of excitement for holders of the cryptocurrency and even culminated in a big moment for the coin.
For a couple of hours on the day, Ripple (XRP) overtook Ethereum (ETH) as the second largest cryptocurrency by market cap. Within this period, XRP moved rapidly from around $0.32 to $0.69 while market cap hopped well above $23 billion.
As would always be the case, the upward trend slowly vanished. This didn’t see an equivalent downswing in the value of the cryptocurrency, instead, it lost around $0.22 within the 24 hours to settle for a market price of $0.55.
The price of XRP within the past week was buoyed first, by an announcement that Ripple Labs were set to launch a new product (XRapid) that would help banks process payments a lot faster. Shortly after this, United States bank PNC announced that it will be using RippleNet to process transactions for international clients.
Heading into the new week, it would be interesting to see whether the upward trend around XRP continues. If it does, then it will likely lead up to another big week for the coin and the crypto markets.
What are your thoughts on this development? Will XRP eventually reach $1?
Chart credits- CoinMarketCap