Ripple Breaks Out As Market Bounces Back

Sep 19, 2018 at 22:13

Ripple (XRP) is posting double-digit growth during Wednesday’s trading even if it is a quiet day for the rest of the cryptocurrency market.

The cryptocurrency market was generally green with just a few outliers like Tether, Dogecoin and Steem, among others, as total market cap reached close to $200 billion.

Bitcoin was up 1.23 percent to $6,367.68 while Ethereum rose 6.46 percent to $211.72 as of this writing.

But XRP was notable in today’s trading since it maintained a double-digit increase since it broke out Tuesday night.

It’s price increase continued to hover at around 20 percent, climbing 19.93 percent to $0.328555 as of press time.

Analysts are saying this could be driven by the Ripple’s recent announcement of a new product that will be launched soon, and people have taken renewed interest in the XRP.

Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, told CNBC that xRapid would go into commercial application “in the next month or so.”

The price surge is also attributed to strong fundamentals which pointed to a reversal after it stayed in a descending path for quite some time, according to analysts.

The top 3 cryptocurrency could test the $0.33708-level

Current price: