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Blog

Date:
23rd Nov 2020
Author:
CryptoAltum Research Team

Ripple Price Nearly Doubles to $0.46, A 16-month High


The Ripple price nearly doubled over the weekend, rising to $0.46 as bulls stretched the USD by 70 percent. During this time, the XRP price also outperformed BTC and ETH prices, adding 46 and 30 percent, respectively. The coin is now one of the top-performing assets as bulls pushed prices, blasting past several resistance levels.


Details: 

After a 16-month lull, the XRP price is now bullish. Traders have for a long time accused Ripple Inc of deliberately suppressing prices through programmatic sales. To appease traders, the for-profit company said it was not in their best interests to keep prices low or in any way manipulate prices. It has since stopped the programmatic sale of XRP, encouraging OTC buyers to purchase from the open market. Besides, possible propers could be news from the United States Office of the Comptroller of Currency (OCC) barring banks from blacklisting legit industries which may include those directly facilitating cryptocurrency transactions. Also, the coin is rallying less than three weeks before the Flare Network Spark token snapshot set for Dec 12.


Impact on the XRP Price: 

Bullish. The Ripple price is resuming its uptrend. Accompanying the breakout was a volume uptick, a show of participation that may see XRP prices roar back to $0.81--doubling from spot rates, or Sep 2018 highs.


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