The price of XRP, the token that powers the Ripple Consensus Ledger, continued its upward movement today, building on recent gains to hit a new all-time high.
Overall, the token’s price climbed to as much as $0.33 at roughly 11:25 UTC, representing a roughly 40% gain in the space of just 24 hours, according to data provider CoinMarketCap. The cryptocurrency fell to less than $0.029 less than a month ago, and has climbed more than 1,000% since then.
As for what caused this sustained rally, analysts identified a few key factors.
Several traders pointed to fear of missing out (FOMO) as driving XRP’s continued price gains.
This fear is playing a key role in causing the cryptocurrency to push higher, Marouane Garcon, founder of private blockchain investment firm Loch Loyal, told CoinDesk:
“When something runs like XRP is running, people want in.”
Garcon stated that there is “definitely a snowball effect,” adding that it is difficult to blame investors for being interested when XRP is producing impressive gains.
Also providing tailwinds was an announcement by Ripple to add clarity to how it will manage its own holdings of XRP, and how it will use its funds to power its
Read more ... source: CoinDesk
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