Ripple Skyrockets to More than $3, Hits New All-Time High
Ripple XRP seem to have a great start this 2018 as it hits a new all-time high of more than $3.
This is an additional milestone for XRP, which was just recently taken over Ethereum as the second largest cryptocurrency in terms of market capitalization.
Around 10:15 UTC, the XRP tokens were at $3.57, according to Coin Market Cap and has corrected to $3.12 as of press time.By reaching this new height, this digital currency managed to surge more than 1,000% in the span of just one month.
How did XRP sustain its momentum?
The recent surge has baffled many traders who have been quite focused on Bitcoin alone. While Ripple is still far from overtaking Bitcoin, it certainly managed to push higher due to a sustained momentum.
- CEO of CryptoCompare, Charles Hayter, described it as having “winds in its sails.”
As the token continues to rise in terms of market cap, it tends to entice more and more traders and buyers in the process. The bullish sentiments of those who are in the crypto world help perpetuate the cycle and fuel the hype.
Another factor that helped XRP reached the milestone is its newfound partnerships with financial intuitions and banks, noted Apex Token Fund co-founder Chris Keshian. The fact that XRP tokens have surpassed Ethereum also played a role in keeping the price level at a significantly good level.
Sean Walshe, partner at Redwood City Ventures, also revealed that news on key developments involving XRP has driven its price at a higher level. This includes Ripple’s partnership with AMEX and Santander.
Rumors and speculations about Ripple potentially getting listed on Coinbase also add to the flame of the increasing price.