Why is Ripple price soaring high?
XRP prices saw a strong price increase in the last few days. Its prices rose by about 10% within a short time. In the last few weeks, there have been repeated increases in XRP prices, also independent of movements in the overall market. What were the reasons for the increase in the XRP price? In this article, we discuss why is XRP price up and see how strong the XRP coin can still perform in the next few weeks.
How did XRP price perform recently?
In the last few hours, the XRP price has seen a sharp increase. The XRP coin rose from a price of 0.46 US dollars to 0.50 dollars. After falling slightly to $0.49, the price then rose again to $0.50. This increase means a price gain of 8-9% within half a day.
The massive increase in the XRP price came after a phase in which the price had stabilized in the past few days. During the massive rally of the overall market in the last week of October, the XRP coin saw significantly fewer increases than comparatively Ethereum, Cardano or Solana.
Why is XRP price up?
The XRP is one of the most exciting cryptocurrencies in recent weeks. This is because the XRP course has been undervalued for months. Because the legal dispute with the American stock exchange supervisory authority SEC ensured, especially in the last bull market, that the price could not rise as much as other cryptocurrency prices.
Therefore, we have also seen a stronger increase in the last few weeks, as positive information about the status of the legal dispute for the Ripple company came to the public. But the current increase had another reason. There are rumors that the major crypto exchange Coinbase wants to allow the XRP coin back on their exchange.
In the past, many exchanges had no longer listed the XRP coin, which meant that the price increases in the last 2 years were much lower than hoped. A new listing of the XRP on Coinbase could trigger a new price increase.
What sparked the Coinbase rumor?
Canadian crypto exchange Newton Crypto has announced that it intends to list the XRP coin again in the future. This is an important milestone in regaining acceptance of the XRP coin on crypto exchanges. Following the SEC indictment for illegal securities trading, many exchanges had removed XRP from their trading venues.
The listing with the Canadian provider is causing rumors that a return from the XRP coin to the American exchange Coinbase could be imminent. This new intake of XRP should then push the price higher again. But the listing at Newton Crypto and the hope for Coinbase have now caused the price to rise.
How high can XRP price go?
Some analysts assume that the XRP course can increase in value again with a new listing on Coinbase. Akash Girimath, a technical analyst at FXStreet, believes that the XRP price is likely to rise by up to 55% if it is available to buy again on Coinbase.
This could bring the XRP price close to the $1 level again. This would mean that the XRP price would be almost as high as it was at the end of the last bull market in November 2021. The price would thus come very close to the “real” value of the XRP coin, which the cryptocurrency could have without a legal dispute with the SEC.
Is XRP a Good Investment?
The XRP course seems to be extremely undervalued at the moment. If more and more crypto exchanges like Coinbase were to resume XRP, the XRP price could rise massively as a result, even in a bearish market.
The XRP coin is probably one of the most undervalued cryptocurrencies and could increase in value both in the next few weeks due to such positive news as today and in the medium and long term.
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