XRP Price Explosion: Ripple’s Coin Races To $1 Due To 3 Triggers

The crypto market looks amazing today, with the alts racing like crazy.

One of the main stars is definitely Ripple’s XRP.

XRP’s daily trading volume has soared to a record high as the crypto overtakes Tether (USDT) to become the third-largest crypto by market cap.

If you look at the data from the crypto price aggregator CoinMarketCap, you will see that XRP surged to a 2020 high of $0.76 as its market capitalization swelled to over $31.4 billion.

At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.697173. XRP is up by more than 50% in the past 24 hours, and the digital asset is up by over 130% in the past week.

3 reasons for the price surge

Cointelegraph addresses three main reasons for the price surge of XRP.

First of all, they note that there is a unique XRP addresses increase.

Analysts at Santiment, an on-chain analysis firm, said that the single-day increase in active addresses was the largest since May 1:

“Ripple’s price skyrocketed +27% today, and the number of unique addresses transacting on the $XRP network in a single day (24,408) was the highest output since May 1st.”

Also, Ripple buybacks could also be triggering this bullish price rise.

You may recall that Ripple said: “As indicated in the Q2 2020 XRP Markets Report, Ripple is purchasing – and may continue to purchase – XRP to support healthy markets.”

And last but not least, Ripple may debut a new service.

The online publication mentioned above notes that Ripple Labs filed a trademark for a product called Paystring with the U.S. Patent and Trademark Office (USPTO).

A couple of days ago, we were reporting that a popular XRP analyst and trader said that XRP might finally be entering a long-awaited bull cycle.

The analyst goes by the name Magic.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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