Ripple’s XRP Price Surges As Cryptocurrencies Bounce Back
Ripple’s XRP experienced notable upside recently, pushing higher as cryptocurrencies enjoyed widespread gains.
The price of XRP rose to as much as $0.9314 today, according to CoinMarketCap.
At this level, the digital token had climbed close to 20% since the start of the day and nearly 25% over the last 24 hours, additional CoinMarketCap figures show.
Broad Market Rally
The broader cryptocurrency market pushed higher today, surpassing a total value of $400 billion for the first time since earlier this week.
Further, 48 of the 50 top digital currencies listed on CoinMarketCap were up at the time of report.
However, XRP’s gains exceeded those of many top digital currencies.
Ether and Litecoin, for example, were up 5.8% and 6.3% over the last 24 hours, CoinMarketCap data reveals.
Charles Thorngren, CEO of Noble Alternative Investments, shed light on this situation.
“With the recent news of bans and a market wide selloff, we saw Ripple take an exaggerated pullback,” he stated.
However, Thorngren described the Ripple platform as the “wave of the future” for institutional transactions.
“It makes sense that we see XRP rebound stronger that the other options available,” he added.
Cryptocurrency trader and investor Marius Rupsys offered a similar perspective, stating that:
“Many cryptocurrencies are rebounding after the drop.”
Ripple prices recently fell more than 80% in a short time frame, he emphasized, adding that “Many coins that sold hardest are being bought.”
Going forward, more than one analyst offered a positive outlook for XRP.
Ripple has had “plenty of positive news” about financial institutions testing its technology, emphasized Rupsys. He added that:
“Since sentiment is getting more favorable, traders are reevaluating positions and adding to their favorite coins.”
Oliver Isaacs, blockchain investor, influencer and advisor, spoke to positive developments affecting the digital asset.
“Longs are far outnumbering shorts and recent announcements with Moneygram, Japanese credit card companies and Chinese payment provider LianLian are all positive directions for Ripple,” he emphasized.
“I remain very bullish in the long-run and the recent market volatility has not changed my thoughts,” said Isaacs.
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