In the midst of Bitcoin nearing and then shattering ever major resistance level in the past few weeks, the third largest cryptocurrency has been sidelined. Ripple’s XRP has reaffirmed its third spot on the coin ladder, reawakened the bulls and is on a mammoth 6.5 percent hourly rise, unforeseen in the market.
On the back of the announcement from major American cryptocurrency exchange Coinbase, stating that New Yorkers can finally trade the cryptocurrency, XRP rose by 25 percent and this rise has since persisted. Coinbase’s announcement coincides with the biggest event currently ongoing in New York City, which, historically has led to price inclines, Consensus 2019.
Coinbase and their relationship with XRP have not been smooth, to say the least. Back when the exchange announced the inclusion of the cryptocurrency on its roster, it was marred by allegations of insider trading. Employees at Coinbase were speculated to purchase the altcoin on the cheap prior to the listing, which was denied by CEO Brian Armstrong.
The announcement was formally made earlier this week, with XRP beginning to rise at 0030 on May 14. The coin ascended from $0.325 to $0.393 in a matter of few hours, a 20.93 percent rise. After breaking the $0.4 ceiling at 1430 on the same day, minor correction bears dragged down the coin’s price to $0.385, a drop of 3.75 percent.
Following this roller-coaster movement, the coin’s recent spike began at 2300 UTC on 14 May, as the coin soared from $0.393 by 10.94 percent as it broke the aforementioned ceiling once again to reach $0.436, in a matter of three hours.
XRP has added over $4.6 billion to its market cap in the past 48-hours. At press time, the third largest cryptocurrency is valued at a whopping $18.34 billion, its highest point since November 2018.
BW.com takes the top spot in terms of XRP global volume account for 11.1 percent of the total volume in the trading pair XRP/USDT. Other notable exchanges are UpBit, ZBG, Bit-Z, and Digifinex. Notably, the only exchange that accounts for “real” XRP volume, according to the Bitwise report is Binance on the 9th spot with just 1.9 percent of trade volume.