XRP is making a move again, thrice during the same day, as it broke above $0.42 after 4 months. XRP gained more than 30% in a day. Bitcoin’s bull market has had a positive effect on all cryptocurrencies, however, the volatility of Ripple was limited until today.
The price of XRP at 15: 45 Hours UTC on 14th May 2019 is $0.4118 or 0.000051 BTC. It is trading 26.2% on a daily scale in USD.
The positive price movement on Ripple can be attributed to the all-around good news for Ripple. Germany’s second largest Exchange released XRP-based ETNs on Monday 13th May.
Furthermore, Coinbase also made a major announcement. XRP trading was prohibited in the state of New York until now. However, Coinbase announced that it has been made available for New York residents on Coinbase.com. We can also expect Coinbase Custody to allow the same as well.
Ripple’s efforts and the favorability of XRP with banks and other financial institutions, make XRP one of the most popular cryptocurrency. Moreover, XRP had been testing support levels near $0.3-0.31 for more than 3 months and the hodler’s were expecting a ‘trend reversal.’
The CEO of Binance also bantered with the Crypto-community on XRP, sharing a popular jinx that through a tweet about the on-going maintenance at Binance.
“think positively, whenever we do maintenance,
Stellar [XLM] Gains 13.52%; Is it taking Cue from XRP?
In an abundance of cryptocurrency, one which shares history and utility with XRP is stellar. The duo is the only two positive cryptocurrencies w.r.t. Bitcoin [BTC] in the current markets. The rise on XRP and Stellar w.r.t. BTC is about 20% and 7.8% respectively on a daily scale.
The price of XLM with respect to Bitcoin broke above 0.00001440 BTC after retracing from 0.00001240 BTC. The price of Stellar at 15: 45 Hours UTC on 14th May 2019 is $0.114. It is trading 12.32% higher on a daily scale.
Do you think that the trend would reverse in XRP as it did in Bitcoin? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com