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Ripple Prices Surge to 4-Month High
The price of Ripple's XRP token surged to a more-than four-month high overnight, sparking trader notice.
The price of XRP, the cryptocurrency of the Ripple network, surged overnight, climbing to its highest total in more than four months.
STORY CONTINUES BELOW
XRP reached as much as $0.008288 at 16:44 UTC on CoinMarketCap, which represented a roughly 13.7% gain for the session and the highest price since mid-November, data reveals.
In statements, Ripple gateway operator Rafael Olaio noted that he believes the new boom is a result of the ongoing gains observed in the broader digital currency market, a development that has coincided with new volatility in the bitcoin market.
Olaio told CoinDesk:
"I think is part of the tide that came to non-bitcoin lately. People are educating themselves about other options."
The operator of a decentralized distributed ledger with its own cryptocurrency (as well as other enterprise products), Ripple provides global solutions for financial settlement. The startup has been enjoying growing visibility lately, raising $55m in September.
Further, in October, a dozen banks announced that they had completed several trials testing XRP's ability to provide liquidity to bank accounts across the world.
Rising balloons via Shutterstock
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
