The price of XRP is giving enthusiasts something to cheer about, as it observed another spike in its value. This comes after a similar spike on 18th September that drove the price from $0.27 to $0.31.
The previous spike is responsible for its growth of 28% in just the past week. The coin was trading close to $0.27 mark for most of the past week. It was trading between $0.31 and $0.32 for the past 2 days after the hike, and quickly broke out above the $0.34 level. The coin is currently at the $0.35 mark. It saw an increase of about 8% in just under an hour. XRP’s value has grown by 9.23% in the past 24 hours.
The volume of the currency also increased with the hike in price, which was also seen during the previous hike in the volume of XRP. Whereas the last rally saw the trading volume increase by 3 times, the volume in this run saw an increase from $430 million to $520 million.
Most of the volume in the rally is coming from an exchange known as ZB.COM, which currently accounts for about 14% of the trading volume. Also notable is an XRP/JPY pair on Bitbank exchange, with over 10% of the volume coming from the exchange.
Furthermore, Bitbank has been accumulating a lot of XRP, as it has been conducting transactions on the XRP Ledger for the past few days to the tune of millions of XRP. Their most recent transactions were for 20 million and 16.5 million XRP.
Jan Yakira, a cryptocurrency enthusiast stated:
“The co-ordinated rise of trading volume along with price seems suspicious. With Ripple gearing up to launch xRapid within the next month, I think it is a possibility that these spikes are an indicator of things to come post the launch. Investor sentiment is also high in XRP, considering Ripple’s Swell conference.”
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