XRP, the third largest altcoin in the cryptocurrency market, has become the focus of attention in the past few days. And there’s a simple explanation for that - Ripple may repeat the success of Bitcoin, the first digital coin in the cryptocurrency industry, which managed to add 80% to its price recovering from $ 5,000 to $ 9,000 in just a month.
Ripple has all chances to show similar results. At the end of May, XRP strengthened from $ 0.30 to $ 0.45, and many traders claim that this is only the beginning. Market participants believe that strong interest in Ripple will be supported by the global cryptocurrency boom that has been already spreading across the entire cryptocurrency community. It’s worth noting, that just a few months ago, even when the crypto market remained quiet and stagnant, Ripple technology kept seeping into the core of the global financial and banking system. In some ways, Ripple has always surpassed bitcoin, especially in terms of transaction speed, which is much faster than that of Bitcoin. Besides, Ripple continues to implement a highly effective strategy, promoting its crypto asset at the state level in different countries.
In 2017, Ripple XRP became one of the growth leaders in the entire cryptocurrency market. Its value grew tremendously, by 25,000%, reaching a record high of $ 3.28. Even though today XRP price is lower, the return on investment of those who bought these digital coins at the time still exceeds 6000%. Who knows, maybe this year the story will repeat itself. There are all the prerequisites for this. For example, this month, Ripple has almost reached its historical high in micropayments. This proves that demand for the company's services is increasing, creating unlimited opportunities for growth. And not because of the mere expectations that Bitcoin’s growth may affect altcoins, but because of the popularity and numerous practical applications of the Ripple technology itself
To recap, a record high in XRP payments was registered on December 29, 2017, and amounted to 118,756. This month, the number has already reached 104,653. Analysts suggest that the activities taking place around the XRP ecosystem could drive this growth. Last year, a similar rise occurred after the launch of Xpring in May 2018, a project for investing in startups creating products and services for the XRP ecosystem. This time, growth could be driven by the XRP supporters calling for the integration of XRP micropayments on Skype. Gmail, has already allowed sending of XRP payments using a Chrome extension and Microsoft (NASDAQ:MSFT) incorporated the functionality through Outlook. Support from Binance, the leading virtual currency exchange, which added XRP as its base currency, may have also contributed to the increase of Ripple transactions.
XRP growth can be also explained by improved market sentiment. Market participants are back in the game, ready to invest in Ripple in expectations of future growth. In 2017, the initial take-off of Bitcoin led to an even bigger uptrend in altcoins. A similar situation is observed now. Considering the above, XRP has good chances to maintain its upward trend and even renew its previous highs at $3.28 per token.