Ripple resurgence, has gained above 80% price appreciation in a week

Ripple's XRP price chart depicts a parabola, shows a whopping 20% price gain in 24 hours and currently trading at $0.51.

By · Nov 24, 2020 . 5min read

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The third-largest cryptocurrency by market cap and fierce competitor of SWIFT solutions for legacy banking Ripple has had its token price rising above 80% in the last seven days.

XRP price chart depicts a parabola, shows a whopping 20% price gain in 24 hours and currently trading at $0.51. While Bitcoin and Ethereum grabbed the spotlight to themselves, the third most valuable cryptocurrency has been growing stealthily over a fortnight. Its market cap has almost doubled from $11.3 billion two weeks ago to $21.8 billion.

Ripple resurgence, has gained above 80% price appreciation in a week
Source: Coinmarketcap

Established in 2013, Ripple serves two functions; payment network and cryptocurrency. Although Ripple always makes sure to dichotomize between Ripple and XRP, Ripple employs XRP in the Ripplenet ODL.

As an open-source payment network employing decentralized ledger technology, Ripple facilitates faster transactions times at ridiculously cheaper fees.

For instance, according to Brad Garlinghouse, CEO of Ripple, On-Demand Liquidity (ODL) has accounted for more than $2 billion in transactions since its launch. And as emphasized earlier, ODL employs XRP. Banks and other financial institutions, on the other hand, leverage ODL for cross-border settlement and clearance.

Prior to Ripple’s price gain momentum, it came under media attack.

However, Ripple came under intense media scrutiny after a rumour that two of its early investors and large XRP holders planned to dump their stakes. On another incident, the Financial Times pointed out a somewhat hidden subsidy program wherein Ripple engages with MoneyGram instead of the latter spinning in profits for it. More recently, Ripple’s CEO hinted of a possible shift base from the US to the UK. He cited unclear regulatory climate in the United States for this move.

Nonetheless, XRP, which doesn’t usually exhibit volatile price actions, is showing impressive returns lately. It’s nearing almost a double returns within a month with November being one of its best moments in 2020.

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