CCN: Ripple Surges by 36% in 48 Hours as Crypto Market Adds $2 Billion
Unlike previous rallies of XRP, the abrupt increase in the price of RIpple was not triggered by a specific series of events. Rather, similar to the rapid recovery of ETH, the native cryptocurrency of Ethereum, it is likely that the steep decline in the price of XRP throughout July and August led the market to demonstrate oversold conditions.
Since late June, XRP experienced an intensified movement on the downside in comparison to other major cryptocurrencies like Bitcoin. The price of XRP was around $0.54 on June 21 and within two months, XRP fell to $0.29, by 46 percent.
Meanwhile, during the same period, the price of Bitcoin only fell by 9 percent, from $6,700 to $6,100.
In the past seven days, social media activity of the keywords XRP and Ripple increased significantly, possibly due to Ripple’s announcement of a new cryptocurrency product by October. Increasing social media activity around Ripple likely led to a rise in hype of XRP. Read more about XRP on https://www.ccn.com/ripple-surges-by-36-in-48-hours-as-crypto-market-adds-2-billion/