XRP Surges by Almost 115% in One Week | News

The XRP token has skyrocketed by 114.69% during the last week. On November 22, the crypto reached $0.4974, its highest level since September 2018.

At press time, the price of the XRP token has risen to $0.629, experiencing a dramatic increase of more than 37% over the past 24 hours. For its part, the market capitalization of the currency has exceeded $28B.

According to Santiment analysts, XRP’s growth is driven by the increase in the number of daily active addresses. On November 22, the crypto jumped by 27% just as this indicator reached its highest level (24,408) since May 1.

Another possible reason behind the current spike could be the activity of the developer Ripple Labs. In its Q3 2020 report, the company has reported it has purchased 45.55 million XRP tokens as part of its buyback program to support healthy markets.

In addition, according to FxPro analysts, XRP could have been positively affected by the growth experienced by Bitcoin:

“Now, the main buyers of the crypto market are most likely retail investors, who are attracted by the growth of Bitcoin. However, the high price of the benchmark crypto scares off retail buyers, while altcoins are much more affordable.”

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