Ripple’s XRP, the third biggest cryptocurrency, has been rising in the past three days, leaving other top coins like Bitcoin and Ethereum behind. Today, XRP has spiked by 8%, selling at $0.27 and a volume of $7billion on the CoinMarketCap.
Many feel that this price gain could be in anticipation of the Swell conference, 2019. This major conference for Ripple and its XRP token will take place in Singapore this year, and if historical data is anything to go on, there could be more price gains to be seen.
Starting to Swell
As pointed out on Twitter, around this time last year, over the conference, XRP was pumped up because of the high profile conference.
In mid-September of 2018, XRP’s price was at a similar stage as it is today, hovering around $0.28. However, the price spike over Swell saw the coin top $0.58.
However, it is also worth looking into other positive news around the coin and its parent company at the moment.
The CEO of Fund Three Arrows Capital Hedge Fund in Singapore, Su Zhun, observed that XRP surge is partly benefiting off of Bitcoin woes. BTC has been struggling since its biggest downward surge, which was reported on September 25th, that saw the coin go w below the $8000 mark.
The Ripple surge has grabbed the attention of one of its hottest critics, trading veteran Peter Brandt, who is known to be a restless XRP hater. Today, he had a few good words to say about chart evidence that proves XRP is bottoming against $BTC and $XRPBTC.
Prior to its bullish moment, XRP has not had a great 2019. In the last two weeks, XRP has been through some rough waters, just like other coins in the crypto market.
When bears came back against Bitcoin, XRP was walloped, but today, some coins like XRP are having their day in the market.
Reasons why XRP Is Gaining Traction
The Ripple XRP is mostly used by financial institutions to process international payments on the RippleNet.
In an interview with CNN, Ripple’s CEO Brad Garlinghouse stated that the adoption of XRP, has been rapidly growing due to significant changes happening in Ripple:
“The value of any payment settlement network comes from financial institutions and payment processors that use the protocol to send and receive information, establishing a network effect.”
MoneyGram entered into a partnership recently with Ripple to use the Xrapid for conducting transactions. The price of XRP increased within days by nearly 28% after the announcement. Garlinghouse stated:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency.”
Ripple also introduced its Xpring platform to streamline XRP’s adoption.