The recent cryptocurrency price swings have certainly involved the whole market, granted that Ripple (XRP) has seen an admirable uptrend for its price. With a 13%, the coin has managed to jump to $0.37.
At press time, the XRP/USD pair is trading at a $0.36. It is important to note that despite the growth trend, XRP also took on a bearish market correction wave that initially affected its price. As such, over the last few hours, XRP hit a low of $0.32, yet a massive increase in trading volume for XRP pairs, helped consolidate yet another growth trend.
As always, it is important to take a look at the main probable factors, responsible for the recent price volatility, apart from the price influence brought on by the bitcoin price increase.
Ripple (XRPUSD) Price and News Today
With this in mind, XRP’s parent company, Ripple, went through several positive business developments. As such, the European Commission recently decided to pick Ripple as one of the main associates for the EU’s newest blockchain initiative. Additionally, a German exchange added XRP-based trading to its line of trading products, whereas the RippleNet payment tool is now being used by RationalFX, an English fintech firm.
XRP Price Heading Towards $0.40?
However, numerous market analysts believe that the positive move had little to do with XRP’s bullish price trend. Rather, they think it was overall market excitement and increased trading volumes that encouraged the price increase.
A possible event that may serve as discouragement to further price increases, is a rumour that the United States Securities and Exchange Commission (SEC) may issue a no-action letter to Ripple, since it has already set precedence with a similar act.
Despite these aspects, it will certainly be interesting to see whether XRP will continue increasing in value, and if it will end up reaching its previous all-time high anytime soon.