The rise in the price of Ripple has increased the transaction volume and thus the demand for XRP has also increased.
We wouldn't be wrong if we stated that XRP, the third largest cryptocurrency by market value, has revived as of yesterday. XRP, which started its own bull run with Bitcoin's (BTC) rally, is trading at $ 0.58 at the time of writing. However, it rose as high as $ 0.65 before XRP experienced a pullback.
Ripple Price Rising
According to the resulting tables, when the price of XRP rose from $ 20,000 to $ 23,800 a night, it was locked in the price of the leading cryptocurrency and Ripple went up with BTC. In addition to the price increase, Ripple's market value increased, just like Bitcoin, and rose to over $ 29 billion.
In addition to Ripple, there was an increase in almost all altcoins yesterday. However, XRP seems to have the best performance among the top ten cryptocurrencies, especially in terms of market volume. In addition, The Graph (GRT), which Binance and Coinbase listed at the same time, suddenly experienced a serious rise last night . As soon as the GRT was launched, it reached a total market value of $ 175 million, ahead of many cryptocurrencies.
Mixed Price Movements of XRP
In fact, when looking at the table for the last month, it is seen that Ripple did not draw a very clear picture and even has a mixed graphic. Ripple price, which was in the $ 0.27 band on November 15, almost took flight after the upward trend in the market and the Spark airdrop announcement, and the price saw $ 0.78 on November 24.
Then the Spark airdrop excitement faded and a new consolidation process began in the market. Interestingly, XRP declined at the same time as it rose. Although lows of $ 0.27 were not seen, there was a retracement to $ 0.43.
However, as we mentioned above, XRP has locked into BTC with the latest price movements and has started to rise. As XRP moves with Bitcon, it is currently thought that the price of Ripple will be determined by the movements of BTC.
Huge Increase in Ripple Transaction Volume
According to CoinMarketCap, during the recession period before the rally, the 24-hour trading volume of XRP was worth approximately $ 10 billion. However, after the rally, it is seen that this figure almost doubled to $ 19.2 billion. This shows that the demand for XRP has increased with the price movements in the market .
Nevertheless, it should be noted that the volume seen when XRP reached $ 0.78, the peak of 2020, was in the $ 33 billion band, and the current figure is well below this level.
