XRP Price Leads the Cryptocurrency Gains Following Two Important Developments

Ripple XRP rich list and digital asset investors who bet on ripple (xrp) have a lot to cheer about this season as xrp price moves up in response to the latest Bitcoin Bull Run and other new developments two of which stood out in the past few days. In ripple news today, we look at the two main factors driving xrp price and xrp price prediction while analyzing the general cryptocurrency market.

Ripple (XRP) Price Today – XRP to USD

Name Price24H (%)
XRP (XRP)
$0.318089
-1.38%

Ripple XRP is trading at $0.381 to the U.S. dollar at the time of writing. Today’s xrp price is about 20 percent higher than the xrp price of yesterday. This 18 percent xrp price pump leads the rest of the top cryptocurrencies with only IOTA and Bitcoin (BTC) coming close at around 12 percent increase respectively.

Ripple XRP, the third most valuable cryptocurrency my market capitalization has a total market cap of $15.8 billion according to data from CoinMarketCap. The daily trading volume for XRP has also doubled having increased from 1.9 billion to over $4.1 billion in the last 24 hours.

Why is Ripple XRP price rising?

The jump in the price of Ripple XRP is nothing less than breathtaking can be attributed to a number of factors namely; the positive outlook for bitcoin and cryptocurrency in general; the anticipation towards x-rapid, the release of xrp-based exchange-traded notes (ETNs) and probably the extension of XRP services to customers of the Coinbase cryptocurrency exchange in New York.

Coinbase Extend XRP Services to New York, United States – XRP NEWS

Coinbase, one of the most popular cryptocurrency exchanges in the United States announced Monday May 13, that it has rolled out support for XRP trading for users in New York, months after similar service was launched for users in other states in the country as well as other regions of the world. “New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on http://Coinbase.com or using our iOS and Android apps,” Coinbase wrote on Twitter.

Though not stated at the time of the announcement, the delay in bringing ripple xrp trading to New York residents is probably due to the strict financial rules in the State that requires BitLicense for new cryptocurrency services.

Top Germany Exchange Launch XRP-based ETN – XRP NEWS

Boerse Stuttgart, one of the biggest stock exchanges in Germany announced on Monday that it has introduced the trading of exchange-traded notes based on Ripple XRP. According to the firm’s statement, the Swedish firm XBT Provider will issue 4 securities that will track the price of Ripple (XRP) and Litecoin (LTC) against the euro and Swedish krona.

In his explanation, Jürgen Dietrich the director for blue chips & funds trading at Boerse Stuttgart’s noted that ‘there is a lot of interest in cryptocurrencies,” hence the launch of the ETNs which will allow digital asset investors in Germany bet on the future price developments of XRP and LTC for the first time in Germany.

The launch is one in a series of similar exchange-traded products (ETPs) introduced since last year. As Smartereum reported, Swiss stock exchange SIX introduced XRP-based exchange-traded product (ETP) earlier this year adding to its repertoire of ETPs for cryptocurrencies including XRP, bitcoin (BTC) and ether (ETH) products.

XRP Price Predictions 2019 – X-Rapid Predicted to Boost XRP Price

The price of XRP seems to be responding to the positive cryptocurrency xrp price predictions which have caused an uproar in the past few days. The huge price prediction is predicated on the impact of a successful launch of Ripple x-rapid.

There appears to be a lot of interest in Ripple’s cross-border payment solutions as banks and notable financial institutions continue to join Ripplenet. Recently, Saudi Arabia joined Ripple’s payment technology.

Furthermore, Crypto Bitlord, a prominent member of the XRP community predicted that Ripple XRP price will reach $589 sometime in the future. This has been called the xrp 589 scenario. While XRP moving from its current price to over $500 is outrageous, Bitlord explains it is not impossible since Bitcoin was once $0 and later traded for almost $20,000 in less than 10 years.

Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.

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