Ripple’s (XRP) recent rise late Wednesday of more than 10 percent influenced other cryptocurrencies too which joined in some few minutes later.
Ripple Breaking out of Correlation
Generally perceived as the king of cryptocurrency, Bitcoin (BTC) has always had a strong correlating effect on other digital currencies. In 2017 when Bitcoin soared to the lovely heights of $20,000, many other cryptocurrencies surged up with it; recording first time peaks like pioneer BTC. Ethereum, Litecoin, and Ripple amongst a host of many other tokens recorded incredible highs as the cryptomarket’s valuation daily rose by billions of dollars.
While many expected 2018 to be a similar story, as analysts predicted Bitcoin to hit $40,000 and new investors rushed in to get into the predicted rush, the year gradually plunged into one many would be aiming to forget. As the price of BTC plunged deeper into surprising lows, other digital currencies trudged along with it. Losing more than 80 per cent of its initial peak value, XRP recorded a drop just as steep as BTC. However, the Ripple community and CEO Brad Garlinghouse continued innovations are gradually setting Ripple apart.
Ripple’s exciting blockchain projects, its infiltration of SWIFT customers and the launch of the flagship product, xRapid has caused Ripple to become a much better prospect than other cryptocurrencies. Many enthusiasts are betting on Ripple’s XRP reaching mass adoption all over the world, even more than king BTC, given its raving success with banks and financial institutions around the globe.
Ripple’s RippleNet blockchain solution has especially captured markets in Asia and the Middle East, along with its home in America. Having more than 100 financial institutions as partners, more institutions are turning to Ripple’s solution to escape the occasion delay of the SWIFT network.
The last two months of 2018 saw Ripple became relatively stable, compared to BTC and ETH. This, along with some other factors, has caused analysts to become the first cryptocurrency with the best potential of dissociating itself from BTC’s strange hold.
XRP Leading Rally
XRP’s increase of ten percent induced other digital currencies including Bitcoin, an eToro’s analyst, Mati Greenspan believes there could be more to it. “Indeed, it does appear that $XRP is leading the current rally. Check the green line in this chart, started to surge about 5 minutes before the rest of the pack,” he tweeted.
XRP latest surge could be attributed to the recent announcement made by SWIFT CEO of its new competitor to Ripple’s platform which at the same time leverages Ripple’s blockchain.