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Ripple (XRP) Price Rises 3% But the Swell Looks Doomed

Yashu Gola
Ripple (XRP) is making notable gains on Thursday's trading, but it may be short-lived. | Source: Shutterstock

By CCN.com – Ripple Labs is a big mover this Thursday, as the company saw its XRP token rise as much as 3-percent since the Asian session open.

The XRP-to-dollar exchange rate formed an intraday high towards $0.344 after spending an entire week in a red zone. The pair jumped on moderate volume with traders changing hands the same as they did in the previous sessions. Therefore, onlookers could not establish the latest XRP price move as a breakout. More likely, it was a bounce back which had more probability of fading away in the upcoming trading sessions.

XRP PRICE, XRP USD, RIPPLE PRICE

XRP RISES AFTER A WEEK-LONG DOWNSIDE ACTION | SOURCE: COINMARKETCAP.COM

Ripple as a company saw a mixed track record when it came to revising its interim market sentiments. Last week, Japan’s fifth-largest bank Resona discontinued using MoneyTap, a payments service that uses the Ripple blockchain, six months after an agreement. Around the same time, Weiss Ratings claimed that Ripple was in talks with Skype to integrate its XRP tipping bot in their instant messaging platform.


Another announcement that could have favored XRP came from Coinbase. The San Francisco-based exchange announced Wednesday that it was expanding its trading operations to eleven more regions, including Mexico, India, and Hong Kong. That would positively put XRP before more traders.

XRP’s current market capitalization is close to $14.3 billion, the third largest in the crypto asset index.

Read the full story on CCN.com.