Ripple (XRP) Price Up 40% as Alt-season Takes Hold
The price of Ripple (XRP) has soared up through resistance points to break through the significant $0.40 price mark today. The digital asset is now trading at $0.42, a five percent increase today and a full 40 percent higher than it was this time last week. The coin hit a high of $0.44 earlier today before retracing to current levels, with the rally adding $5 billion in value to its market cap.
Following the high point today, XRP has been trading sideways with some analysts believing it’s moved into a consolidation period. If further moment can push it through $0.45 then an upward trend will be confirmed, otherwise, support should remain strong at $0.40.
What are traders saying?
Twitter is no stranger to the XRPArmy and they have come out in full force today with this new rally. Twitter user @InvestorXRP sees XRP hovering in its current range for a while before its next move while @XRP_DAN believes the asset will break resistance in the next few hours and continue up to $0.75. Yesterday, trader @TheCryptoDog noted he is long XRP, a move which no doubt paid off well today.
@C3_Nik points out that XRP has the second highest trading volume on crypto exchange Binance, which recently resumed withdrawals and deposits following a week of extended maintenance to repair issues related to last weeks hack.
Tech firm R3 has recently announced the launch of a payments platform on its Corda blockchain that will use XRP as the base currency. The app, called Corda Settler, will be purpose-built to settle payments made on the Corda blockchain through any of the world’s payment systems. “Its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” said Richard Brown, CTO at R3.
Speaking at the Consensus 2019 conference yesterday, Director of Regulatory Relations at Ripple, Ryan Zagone, mentioned the need for blockchain technology in relation to national security in the U.S. “With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure,” he said. He went on to stress the importance of the U.S. being a leader in fintech innovation, from not only an economic but also a national security perspective.
Last month, online retail giant Amazon announced it will be partnering with WorldPay to integrate into its AmazonPay services. WorldPay was recently acquired by Fidelity National Information Services (FIS), a partner company with Ripple, raising rumors that XRP could potentially be integrated into Amazon’s payment platform.