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Ripple

5 Reasons Why The Ripple (XRP) Price Continues To Surge In The Face Of Crypto Market Corrections

Burgess COMMENTARY

Peter Burgess

Tech #MarketMoves 5 Reasons Why The Ripple (XRP) Price Continues To Surge In The Face Of Crypto Market Corrections Opinions expressed by Forbes Contributors are their own. Shutterstock The XRP price is way higher than it was at the start of the month—even thriving amid yesterday's 20 percent crypto market drop-off—here's why. December has been a banner month for XRP, the native asset of Ripple. The first surge took place Dec. 12-13, wherein Ripple leapt 84 percent—from $0.27 to $0.51. In the days that followed, it grew again, finding a resistance barrier around the $0.75 mark. Then, yesterday, Ripple shot for the moon again, surging 64 percent in 17 hours past the $1 milestone, progressing all the way to $1.37. Pretty astounding for a coin that began December trading at $0.24. A little over a dollar might not immediately sound like a huge change, but that's well over 400 percent growth in one month. Though we witnessed a major drop-off yesterday, wherein the overall cryptocurrency market cap dropped by as much as 20 percent, Ripple has been hit proportionately less than others, remaining above its yesterday mark. So what's causing this explosion in price? Here are 5 reasons. 1. Rise of the Altcoins Shutterstock Late-November saw Bitcoin crack $10K, and shortly thereafter the announcements of bitcoin futures trading on Cboe and CME. The attention that ensued—both from the media and mainstream—has been unprecedented in the world cryptocurrency, drawing hordes of newcomers to the space. Many of these newcomers begin their crypto journey on popular brokerage Coinbase (more on this in a minute). For most of December, Coinbase only supported three cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Of those three, most investment has traditionally poured into BTC and ETH, but early this month, we saw consumers graduate to Litecoin, causing several major jumps, peaking at $390 before coming to rest around $320. Now that Litecoin has hit its initial resistance barrier, the natural impact has been that motivated participants have sought new avenues for investment. This has precipitated wild growth among many different cryptocurrencies, including: TRON (TRX), Cardano (ADA), Stellar (XLM), Bitcoin Cash (BCH), QTUM, Verge (XVG), and Reddcoin (RDD), among many others—bringing the overall cryptocurrency market cap to a record high of $611B before the Bitcoin drop-off we saw yesterday, which brought it back to $508B at the time of this writing. As one of the oldest, most established and time-tested cryptocurrencies, it's no surprise that investors turned to it early in their crypto investing. Page 1 / 2 Continue Print