The price of Ripple (XRP) has increased by more than 90% in the last month. The reason for the price increase is due to the increase in unique addresses, XRP buyback, new product launches, and other factors.
Three Reasons Why Ripple (XRP) Price Increase
In the past few days, ripple price has become a hot topic in the cryptocurrency space. Also, this type of crypto asset has made significant gains in the short term. In the past month, it has increased by more than 90%, which is considered a significant gain.
Accordingly, various reasons have influenced the rising price of XRP. The first reason is the spread of unique XRP addresses. The addresses that interact with XRP increased in late November. The trend picked up when the cryptocurrency grew 27% on a day on November 22nd.
The second reason is to buy back waves. In the third quarter of 2020, Ripple acquired XRP for $ 45.5 million as part of a buyback program. The third reason is the excitement about new product releases. Hence, these reasons drove the XRP price up.
Another reason for the XRP price hike is the rule proposed by the Office of the US Currency Inspector, which is responsible for overseeing the National Bank. Additionally, the reason lies in the XRP partnership with Bank of America. The graph below also shows that XRP price has rebounded more than 90% in the last month.
Ripple is a San Francisco-based cryptocurrency preferred by payment institutions. According to CoinGecko, the price of XRP is $ 0.70 at the time of writing and its 24-hour trading volume exceeds $ 21 billion. At the same time, the global market value for cryptocurrencies rose from yesterday’s 529.5 billion US dollars to 564 billion US dollars.