Ripple’s XRP unit is a digital form of currency that does not require a third party during the transfer of funds.
Just like other cryptocurrencies, Ripple has seen a sudden spike in the past 24 hours. At present, the prices have jumped by 21% percent in total, trading at $0.67. The market capital is now at $26.68 billion.
After Santander launched its first Ripple-based app for cross-border foreign exchange, Ripple saw a 20 percent hike in its price. However, the app uses blockchain technology and not XRP.
According to CNN:
“The simplest explanation is that naive investors confuse Ripple — the company — and XRP and thus mistakenly believe that all Ripple news is bullish for XRP.”
This is good news for the investors who have seen a few rough weeks.
Matthew Newton, an analyst at eToro, said:
“Whilst there has been some stability in the cryptocurrency markets over recent weeks, we’ve seen a record number of short positions building on major exchanges. When the price began to rise this afternoon, a large number of shorts with big positions were squeezed. The resulting interest from buyers increased momentum, causing the price to jump.”
The sudden changes in prices came after Cory Johnson’s statement to CNBC where he says that Ripple is not a security. He said:
“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law,”
Sandy Beverly, a Twitter user said:
“Ripple is considered the coin that the banks are most interested in using for transactions. That is another reason many experts feel it will rise in value. After researching Ripple with Altcoin Buzz and various other “experts” – they sill see the coin breaking big.”
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