If you are taken away only by the Gold-rush train of Bitcoin and its recent skyrocketing surge with new all-time highs every week you might be missing a lot what is happening around.
Ripple (XRP) a cryptocurrency with a centralized enterprise behind the curtains supporting its development and controlling where the token should be led just has experienced a very major climb upwards against the US Dollar – with a market cap of around $8.66 billion and a price (at the time of the writing) $0.2259.
In a trading and investing market – especially cryptocurrency, nowadays it is very difficult to pin-point down the reasons which conclude with this sort of spike, for example Ripple. For future references and help in investing-decision making purposes, down here we will try to explain this particular case.
What played the Role of the Pull-Up Lever for XRP/USD
Just before that, to have a quick heads up – Ripple while working together with financial services, banks and institutions wants to take down SWIFT (entity with a monopoly on border transfers) and disrupt its functionality. According to Thomas – Money should be fast sent and received like data and information now on a global scale.
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So for the reasons why the catapult took place:
With the planned Blockchain improvements like Lightning Network for Litecoin, Ripple negotiations and so on, many investors are moving and diversifying their portfolio from the digital currency leader Bitcoin. More than ever now because of the potential upcoming fork happening in November. As for now and the longer term, Ripple is looking more promising than ever to be a choice for the future and a more reliable positioning for traders.
My name is Willie, and I like to muse about things. Things related to me are Wellaholic.