XRP’s price surges by 90 percent, why this is important

You run, you can hide, but you can’t escape the crypto community talking about XRP. The coin has been through varied phases of stagnation, drops, and even pronounced dead or a zombie coin, but all those tags seemed to disappear as it has been noting a boost of 89.94% in the past 24-hours. However, in the past few hours the coin did face a minor correction and was trading at $0.679.

This escalation in price can be seen in the chart above.

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

XRP and its phases

Source: XRP/USD on TradingView

The above chart highlighted different phases of XRP price since the 2017-2018 bull run. The XRP price had peaked at $3.54 in January 2018, after which it had been slipping, reporting new lows consistently since.

ADVERTISEMENT

In March 2020, when the coin hit another low, the market had lost all hope from the price re-visiting its 2018 high. There were vast speculations of XRP’s price being controlled and dumping of the asset to keep its price low. The market was speculating that Ripple was dumping XRP on the market, however, Brad Garlinghouse, the CEO of Ripple had clarified that:

“Yes, Ripple owns a lot of XRP, we’re very interested in the success of XRP, but the accusations of us dumping, that’s not in our best interests to do that […]. We would never do that and in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”

While this did not stop the speculations, many members of the community remained optimistic about its future and focused on the development aspect. Similarly, Ripple has over time collaborated with developers like Wietse Wind and given a platform like Xpring to flourish in developing use cases for the digital asset. its solution in on-demand liquidity [ODL] has been the largest success for XRP and its community.

Now that XRP has been surging in terms of its value, the community is excited for a new revelation that could be made from Ripple’s end. Ripple had filed for a trademark product earlier in November dubbed, Paystring with the US Patent and Trademark Office. This service would allow users to receive and send remittances within the electronic financial services category.

With Ripple making its way forward to utilize the digital asset in different aspects, the crypto users can once again consider investing in the digital asset. Ripple has been expanding the XRP ecosystem and now that the price marches along, it may turn many skeptics into XRP hodlers.