Recent reports making waves in the cryptocurrency scene show that Ripple’s XRP token took an upward turn. It has shifted from the worst performing virtual currency of the top-5 crypto’s to the best performer within one week. According to CoinMarketCap as at the time, this report was written, Ripple rose to become the world’s third-largest virtual currency by market value trading at 0.6574 USD which is an increase of 33.66 percent week-on-week.
Crypto Markets Regained Strength
This report comes, of course, as the larger crypto markets further regained poise through the last week. However, while the total market cap of all virtual currencies rose up by 30 percent week-on-week, Ripple’s XRP has outpaced the notable recovery recently achieved. XRP initially had a disastrous start at the turn of this year, dropping by 77.77 percent during the first quarter. As of April 1, the token had already dropped by 87.86 percent which was a number that made it record the worst performance of the top 5 as at that time.
But, XRP had recently looked very oversold, and according to the daily RSI (relative strength index) a rally was inevitable. Additionally, news flow may have played a role here, with CoinDesk reporting as at last week that Santander, the Spain-based banking giant is initiating One Pay FX (a cross-border payment app designed in partnership with Ripple). The report garnered attention from numerous investors and may have ensured that a bid is placed under XRP. It is noteworthy to indicate that the application doesn’t use Ripple’s XRP token.
Looking forward, there is a widespread feeling that Wall Street giants like Rockefeller and Soros are about to launch another bull run in the crypto market. Ripple, with its many bank partnerships and mergers with other financial institutions, may be best positioned to benefit from the predicted resulting inflow of cash into the crypto space.