Ripple Reaches New All-Time High of $1.06
Major cryptocurrency startup Ripple’s XRP token has breached the $1 mark for the first time in its history after reaching all-time high price of $1.06 on December 21, 2017.
Based on CoinMarketCap data, the fourth-biggest virtual currency in terms of market capitalization reached the milestone just before press time during the day.
The positive developments on XRP’s performance in the past few months could be driven by several factors. Among them are the collaboration by Standard Chartered Bank and Axis Bank to launch a new cross-border payments platform that is built on top of Ripple technology, the move by American Express to use Ripple’s network to connect Santander customers in Europe, and the US, and the generally phenomenal performances of the prices of the various digital currencies as investors look for alternatives amidst the sliding price of Bitcoin.
The price gains currently achieve by XRP, however, seem to be mainly driven by the global cryptocurrency markets, particularly in Asia.
Basing from CoinMarketCap data, the major South Korean exchange Bithumb has registered almost 25% hike in trading volumes in the past 24 hours. The Hong Kong-based exchange Bitfinex, meanwhile, has posted a more than 10% increase in trading volumes during the period.
As of press time on December 21, XRP is being traded at $1.05 per token. The digital currency has posted an increase of 36% in the past 24 hours and a 74% hike week-on-week. The token has also reached a new record high market capitalization of $41 billion.
These positive developments show that XRP has a future as an alternative payment method. It remains to be seen, however, if these gains can be sustained in the long term.