The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Cryptocurrencies have been having a rough time in the choppy waters of the bear run market. It seems, however, that Ripple is managing to breathe despite the market dips.
Knowing that the market is volatile, and we can’t trust the peaks nor the dips significantly, it is interesting to see how the third-biggest cryptocurrency has seen a massive rise over the past few hours.
Looking at the charts from the last 72 hours, we can see how the latest trend in Ripple is positively climbing.
At its highest peak, Ripple was trading for $3.67 USD. This happened on January 4th of this year, was just before the coin saw a shift in the downward direction. XRP is currently trading at $0.465045 USD. This is down an astonishing 87% from its peak. However, looking at the other hand, Ripple’s lowest point saw it hit below the $0.30 USD mark. This means that it has gained over 50% of its trading value within the last few days.
It’s unlike that the token’s incline is attributed to a market-turn, so we look to the cryptocurrency itself to see what has happened to cause the spike. According to a report, a Ripple executive hinted that the company is launching a new project.
CNBC reported that Ripple’s head of regulatory relations for Asia-Pacific and the Middle East at Ripple Sagar Sarbhai discuessed new plans. Sarbhai suggested that the new product, xRapid, has seen significant progress. According to the representative, the product will help banks increase transaction speeds using Ripple’s XRP.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production… A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.”
If Ripple’s positive trajectory can be maintained owing to good news like this, the cryptocurrency might yet hit another peak.