Around a week ago many cryptocurrency enthusiasts were wondering why Ripple’s XRP was lagging behind while Bitcoin’s price was pumping. But over the last few days, altcoins have been soaring and XRP has been a top gainer. The price of XRP rose more than 30% in the last few days and hit $0.45. The surge marked XRP’s highest price since 2018.
A number of positive developments in the Ripple world mixed in with an overall sunny outlook for altcoins are thought to be the reasons for XRP’s recent upward action. News that the financial giant, Fidelity would start offering XRP trading for institutional investors was probably a contributing factor in XRP’s price pump.
Coinbase adding services for traders and investors in New York was also a key step for not only Ripple and XRP, but the entire crypto industry. New York is one of the financial hubs of the world, and regulars in the state have not exactly been open-minded when it comes to cryptocurrency.
#Coinbase rolled out #XRP trading for New York residents, and German exchange launched XRP ETN (exchange traded note). After the announcements, the price of XRP jumped over 20 percent to reach a high of $0.39. #crypto #cryptocurrency #altcoins #bitcoin #BTC
— Weiss Ratings (@WeissRatings) May 14, 2019
Legislators and financial regulators are taking notice in the Big Apple. Positive regulatory steps in New York could go a long way in legitimizing crypto amongst the Wall Street whales. With all this positive news circulating and the much-anticipated arrival of the “institutional investors”, cryptocurrency enthusiasts are starting to think FOMO must not be far behind.
— xrp_news ⚡ (@xrp_news) May 14, 2019
Of course, Ripple and XRP have seen these heights before. During the last bull run back in 2017, Ripple displayed just how fast things can move in the cryptocurrency world.
Last time #XRP ran from .23 to $3.84 in approx 27 days.
If this run continues it doesn’t take long.
Most importantly, if you are still here and still in the game CONGRATS! ?
— Mr. B XRP ? (@XrpMr) May 14, 2019
With the entire market pumping, it wouldn’t be surprising to see XRP continue its positive price movement.