After months of continuous losses, the XRP price hit a severe low of $1.5, the lowest level in nearly two years. This decline was closely followed by a small but notable rebound, sparking widespread attention. But what led to this XRP price surge?
XRP Regains Momentum After Slipping to 2-Year Lows
The top cryptocurrencies, including Bitcoin, Ethereum, and XRP, have suffered heavy losses during the last few days, coinciding with the broader crypto market crash. This bearish trend sent the XRP price dropping, resulting in severe losses not seen in almost two years.
However, the XRP price has shown a recent recovery after the recent market decline, with the altcoin regaining ground from its lowest point. The current value of XRP stands at $1.61, which represents a 2.12% increase in a day. The Ripple token has experienced a 15% decline over the last week and a 21% drop throughout the past month. This downturn has clearly reflected in the traders’ sentiment, with the 24-hour volume plummeting by a massive 32%, reaching $3.51 billion.
Why is XRP Price Up Today?
While the XRP price’s recent downturn is primarily driven by the broader market crash, its recovery is a result of multiple factors. Although the rebound remains modest, it has offered a glimmer of hope to investors after weeks of heavy losses.
Firstly, according to CoinMarketCap data, the crypto market, after falling to $2.5 trillion the previous day, has now rebounded to $2.64 trillion, sparking a huge wave of optimism. This broader green signal has touched nearly all major tokens, including XRP. Bitcoin and Ethereum are also experiencing a trend reversal, where the assets see marginal increases.
In addition, the XRP price surge at the moment is driven by two important strategic developments within the Ripple space. Ripple obtained a complete EMI licence from Luxembourg, which enables the company to provide its services throughout the European Union. According to yesterday’s CoinGape report, this move increases real-world applications for Ripple tokens such as XRP and RLUSD.
Another major development is Ripple’s recent partnership with DCX Technology, which now allows banks to use XRP for payments and settlements. The collaboration integrates XRP into the Hogan banking system, strengthening the altcoin’s real-world use case.
Source: https://coingape.com/xrp-price-rebounds-from-2-year-low-heres-why/
