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Ripple (XRP) Gets a Massive Boost, Gaining 13% in a Day

November 06, 2018 08:53
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What’s happening with Ripple’s XRP cryptocurrency? After a disappointing drop back down to $0.38 following the launch of its xRapid product, it has suddenly surged again today to over $0.50.

The dramatic price increase has been attributed to it being listed as the base currency on a new Canadian exchange CoinField, which features 20 XRP trading pairs and is available in 61 countries worldwide. The decision was made following what appears to be a well-organized petition by Ripple enthusiasts and, no doubt, the various banking conglomerates that are backing the companies international remittance services. To further promote the listing, CoinField is offering a referral program rewarding customers with 10 XRP tokens for every successful sign-up.

Ripple continues to receive criticism regarding its lack of decentralization due to the allegations that the majority of XRP is owned by Ripple and therefore at higher risk of manipulation. The U.S. Securities and Exchange Commission (SEC) is still investigating whether or not the XRP digital asset should be classed as a security, a development which could thwart its attempts to replace Bitcoin as the leading cryptocurrency. However, it’s becoming increasingly unlikely that the SEC will define it as a security as Ripple continues to successfully promote its technology as an international money transfer service rather than an investment opportunity.

With transaction fees capped at 0.05%, the CoinField listing certainly puts XRP in good stead to become a stronger player in the overall cryptocurrency market. With Bitcoin still floundering around the $6,400 mark with almost no change in the past month, it seems XRP is exhibiting strong competition to the decade-old king of crypto.

XRP is currently trading just over $0.52 with a market cap slightly higher than $21 billion. Technical analysis predicts a possible downtrend with support at $0.45 unless bullish movement continues and the price breaks $0.53.