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.
Alts gone wild.
— The Wolf Of All Streets (@scottmelker) November 24, 2020
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.