Ripple price (XRP) soared substantially from $0.90 to $1.08 in only a few hours; the move was supported by several factors, including the potential inclusion of XRP to Coinbase tradable instruments. The unusual growth in trading volume has also propped up XRP price; the trading volume from South Korean exchange Bithumb soared sharply in the past twelve hours.
Analysts were raising several questions over the price performance of XRP last week when the coin under-performed investors’ expectations.[1]
Source Image: coinmarketcap.com[2]
XRP price jumped more than 20% on Monday, leading the broader cryptocurrency rally by a wide margin. Bitcoin (BTC) and Ethereum (ETC) soared close to 2% today, while Bitcoin Cash (BCH) and Litecoin (LTC) price spiked 3% from the previous day.
The Potential Addition to Coinbase Platform Sparked the Rally
On March 26th, Ripple CEO Brad Garlinghouse is speaking with Coinbase COO Asiff Hirji on the CNBC show Fast Money. Market pundits predict that Asiff Hirji will announce the addition of Ripple to Coinbase tradable securities. Coinbase currently allows traders to trade four coins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).[3]
The market sentiments jumped for the potential inclusion of ripple after the de-facto exchange platform has increased their new staff members hiring from 90 to 500.
The inclusion of XRP looks entirely justifiable considering its increasing penetration in the financial sector and the third largest market capitalization – which is two times higher than Bitcoin Cash and four times higher than Litecoin.
Woori Bank Partnership Enhanced Sentiments
The news of the partnership of the Woori Bank of South Korea with Ripple added to traders sentiments. The Woori Bank announced testing Ripple’s distributed ledger technology for cross-border payments to reduce the transaction time and costs.[4]
RippleNet has attracted numerous financial institutions across the globe – who signed to test Ripple’s products to improve the internal and external payments.[5]
The wide acceptance of RippleNet in the financial sector is the major catalyst for XRP price. Traders expect Ripple to generate a huge chunk of revenue to create the underlying value for XRP price on crypto exchanges.
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References
- ^ investors’ expectations. (cryptocurrencynews.com)
- ^ coinmarketcap.com (screenshots.firefox.com)
- ^ on the CNBC show Fast Money (www.coindesk.com)
- ^ partnership (cointelegraph.com)
- ^ financial institutions (cryptocurrencynews.com)
- ^ Twitter (twitter.com)
