Over the past 24 hours, the world's major crypto-currencies, including Bitcoin, Ethereum and EOS, grew by 2 to 5 percent, and Ripple gained a confident 10 percent increase.
Since September 18, within 48 hours, the price of XRP has increased by more than 36.5 percent.
Technical analysts in the crypto currency community expressed their optimism about the trend demonstrated by XRP over the past 24 hours.
What is behind Ripple Rally?
Unlike the previous XRP rally, a sharp increase in the price was not caused by a certain series of events. Rather, like the rapid recovery of Ethereum, it is likely that a sharp decline in the price of XRP during July and August led the market to oversold.
Since the end of June, XRP has experienced an increased movement in the opposite direction compared to other major tokens, such as Bitcoin. The price of the coin was about $ 0.54 on June 21, and within two months it fell to $ 0.29, down 46 percent.
Meanwhile, for the same period, Bitcoin's price fell only 9 percent, from 6,700 to 6,100 dollars.
Markus Trehmacher, head of global strategic accounts at Ripple, has recently shown that RippleNet is developing rapidly in 40 countries, introducing a faster and more transparent payment system at the international level.
"The newest corridors of RippleNet have a cumulative potential market, which last year exceeded $ 2 billion. InstaReM and RationalFX have opened new corridors from Great Britain to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Remitr and FlutterWave created the RippleNet corridor in Nigeria from Canada, the first connection with RippleNet in Africa. BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal, "said Tremacher.
The combination of rapid network growth, the planned launch of a new product in October and a short-term trend change demonstrated by the market led to the fact that XRP increased with such a large difference in a short period of time.
General market conditions
Over the past 24 hours, the Bitcoin capitalization has remained above the $ 4.2 billion mark, while the global market volume has increased from 10 to 12 billion.
Taking into account the market volumes and the price situation, in September a gradual increase in the cost of the entire crypto-currency market is expected.
Earlier it was reported that two popular crypto-exchange exchanges, Binance and Bithumb, announced the listing of new tokens.