The price of XRP has seen a hike recently, with its growth dwarfed only by that of Bitcoin Cash [BCH]. However, the coin is no stranger to sharp hikes in its price, as seen by its 117% growth in late September. This hike saw the coin starting the month of October at $0.59, up from lows of $0.27.
The coin then saw a slow downwards movement, indicative of the market slowly losing interest in the coin. It soon reached its monthly low, bottoming out at $0.37 on October 12th, proceeding to recover to trade around the $0.40 mark. This spurred further upwards movement in the coin, which dropped close to the lower end of the $0.40 mark before spiking to $0.46 on October 15th.
This was around the point where the coin began exhibiting the sideways movement seen by the cryptocurrency market in the second half of October, staying constant around the $0.46 mark and dipping slowly down to $0.44 over the period of the month. It also maintained this price movement into the first week of November.
However, the coin saw a sharp hike on November 5th to the $0.48 mark, with upwards momentum carrying it to $0.56 the very next day. A series of corrections has since seen the price move down to the $0.53 mark, where it is currently trading. This hike also saw the price move to the #2 position by overall market capitalization, overtaking Ethereum [ETH] for the position.
Interestingly, the hike demonstrated behavior similar to that seen when the price saw its astronomical growth in late September. The price also correlated with the hike in volume, which saw a 3x hike from $411 million to $1.4 million in the span of one day.
While this is usually considered to be the movement of the coin due to the use of Ripple’s xRapid technology for cross-border payments, the hype for the product was also considered to be a deciding factor in the price of the coin. Moreover, the product is also confirmed to be in use by 6 clients, namely Cambridge FX, Mercury FX, IDT, Cuallix, and Viamericas. This further contributes to the hype cycle being built for the product.
Cory Johnson, the Chief Market Strategist for Ripple, said in an interview to CoinTelegraph:
‘“I expect our rollout would be…most will be xCurrent, a little bit will be xRapid, and even less will be xVia. Over time that might change, but initially the oldest stuff gets the most traction, because customers have had a chance to look at it the longest and get used to the idea more quickly. “
This also adds to the theory that more of Ripple’s customers would switch over to xRapid for their payments. There have also been multiple rumors of a partnership between Ripple and SWIFT, their main competition. However, the usage of xRapid and its real effect on the price of the coin are yet to be seen.
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