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XRP breaks out of bear-trend in monster rally

Home » XRP breaks out of bear-trend in monster rally

XRP has exploded out of its monthslong downtrend with a two-day buy-streak pushing the cryptocurrency up 18.5 percent against the dollar and injecting $2 billion into market capitalization—the extraordinary gain coming as the first market response to a series of high-profile partnership announcements by Ripple Labs.

Driven by the highest trade volumes since July 10, the rally took XRP from $0.261 midday Monday to $0.313 by Tuesday morning, making it the best-performing asset of the top 10 by market capitalization, after months of lagging behind Bitcoin, Ether, and other top coins.

XRP Price
Source: Trading View

Are the bulls back in town?

XRP proponents may view the breakout as a resounding answer to months of mixed sentiment hanging over the payments-focused coin, centered around the actions of Ripple Labs, the company behind XRP.

News in August that the firm had been steadily upping its sales of XRP all year, for one, seemed to go down particularly poorly as the cryptocurrency sunk to its lowest low of the year, compelling more than 3,600 disgruntled individuals to sign a wry petition entitled “Stop Ripple Dumping.”

Around about the same time, a year-old lawsuit against Ripple Labs alleging the status of XRP as an unregistered security was amended, reigniting many of the age-old concerns surrounding the cryptocurrency, the third-largest by market capitalization. 

The mood of XRP investors seemed sufficiently gloomy to compel Ripple Labs CEO Brad Garlinghouse to defend the position of his company on Twitter, where he dismissed the sources of the concerns as “questionable” and assured the future of the cryptocurrency was bright.

But the tug-of-war that is XRP sentiment has been far from one-sided.

XRP bulls have held on particularly tightly to Ripple Labs’ recently announced partnership with MoneyGram, the second-largest money transfer service in the world, potentially the largest real-world usage case to date for the cryptocurrency as the firm utilizes XRP to settle cross-border transactions.

XRP could continue to see gains if Ripple Labs can increase the liquidity of its token via similar initiatives. As reported previously by CryptoSlate, the recently dwindling volumes seen in the XRP market make the coin’s price vulnerable to its steadily increasing circulating supply.

XRP, currently ranked #3 by market cap, is up 13.96% over the past 24 hours. XRP has a market cap of $13.02B with a 24 hour volume of $2.61B.

Chart by CryptoCompare

XRP is up 13.96% over the past 24 hours.

Filed Under: Price Watch, Ripple

Jonnie Emsley

Jonnie Emsley is a freelance writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of Southeast Asia and emerging cryptocurrencies give him a buzz like none other.

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