RATE Group | XRP Spikes 10.5% in Biggest Single Day Surge in 8 Months: What Triggered it?
74767
post-template-default,single,single-post,postid-74767,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

XRP Spikes 10.5% in Biggest Single Day Surge in 8 Months: What Triggered it?

06 Jan XRP Spikes 10.5% in Biggest Single Day Surge in 8 Months: What Triggered it?

Posted at 13:17h in Cryptocurrency News by

[ad_1]

XRP, the native cryptocurrency of multi-billion dollar fintech company Ripple and its blockchain platform, spiked by 10.5 percent on January 6. The sudden upsurge is likely to have been fueled by Binance Futures integration and strong technicals.

Similar to platforms that existed in the crypto sector for many years like BitMEX, Binance Futures enable users to trade cryptocurrencies with a high level of leverage. Futures platforms tend to see substantially higher volumes than spot exchanges and as such, XRP rising in the aftermath of a Binance Futures integration is justifiable.

A large spike in XRP, first of its kind since mid-2019

The price of XRP increased from $0.1942 to $0.2139 from the day’s lowest point to highest, by just over 10.5 percent.

But, some of the upside movement of XRP occurred before the official integration of XRP by Binance Futures.

One possible scenario is that XRP, which has been stagnant throughout 2019, saw its first meaningful increase in price since…

[ad_2]

Source link

Tags:
, , , , , , , , ,