updated 20:30 (UTC+1) 21 September 2018
Ripple’s XRP has just kicked Ethereum out of its No.2 slot as its market cap rises to $26 billion. Wow this is just like old times. Ripple’s XRP is booming, and was up 82% in session highs but has fallen back since to trade at $0.58, 52% higher.
There’s a long way back to the all-time high of $3.32 but you’ve got to start somewhere. After an 89% fall it could be argued the only way was up. Truth be told though, when we people hear that Ripple has 120 banks onboard using xCurrent on RippleNet, they start to take notice.
But it is the prospect of xRapid take up that has set a fire under the price as that’s the payments rail that uses XRP
But it has to be said that last year’s unrelenting positive newsflow, didn’t actually stop this year; it’s just hard to pay attention when the price keeps falling regardless.
The fact that a certain level of responsiveness has returned to the market in terms of investors being more discerning and putting their money where their mouth is is encouraging.
However, today’s action is classic momentum buying, as participants see the price rocket over the past three days and buy in.
The XRP fundamentals
Those who are looking beyond speculation and consider Ripple to be one of the best-placed companies for cross-border payments adoption, then focus on fundamentals is required.
Consider this: if the price of XRP is going up and down like a yo-yo how does that work for liquidity on an xRapid payment channel. Not very well must be the answer.
But let’s not throw shade on all those XRP hodlers who have just received a jolt in the arm to lift from the despair of the march to zero.
And whenever you think of Ripple, don’t forget closely related competitor Stellar up 27% to $0.269. Ripple is back from the dead.