Third biggest cryptocurrency in terms of the market cap has been on quite a rally this month! Today, we will discuss the key reasons behind crazy October Ripple Price Rise. What is pushing the digital currency?
12 October, AtoZForex – The price of Ripple has surged 30% since the beginning of October –which counts only 12 days until now. What is the reason behind such a rapid development?
Why did Ripple price rise so rapidly?
Industry experts believe that the startup’s enterprise network, RippleNet is behind the Ripple price rise. RippleNet has grown along with the anticipation of the firm’s “Swell” conference next week.
The Ripple price has risen significantly since the beginning of the current month. It has entered October at $0.198 and was steady until October 4. Then. Investors in Korea has fueled the rally – and by October 8, the price of XRP has already climbed 20%. It has peaked at $0.279 the next day.
Afterward, XRP has slid to $0.240, then quickly resuming the rally. As of now, Ripple is changing hands at $0.259. Ripple’s market capitalization stands now at $10.1 billion, making it third biggest cryptocurrency in terms of market cap.
2 Key Reasons for 30% October Ripple Price Rise
Reason for October Ripple Price Rise #1: “Swell” Conference Anticipation
There is a belief among Ripple investors that XRP will make an impactful announcement at the FinTech conference “Swell”. The conference will take place next week in Toronto. As a result, the demand for Ripple is on the rise right now – traders are buying XRP ahead of the upcoming conference.
However, still, no one knows if there will be an important announcement at the conference. Just like in case with an original announcement of the conference, investors might let their imagination to get ahead of them.
Reason for October Ripple Price Rise #2: Asian Region Expansion
Aside from the conference, Ripple has gained some support from the banking sector. Meanwhile, this digital currency has been expanding largely in regards to the Asian sector – in September, Ripple has established its offices in India.
As a matter of fact, India is the largest remittance receiver. Singapore also has seen some of the Ripple expansion steps.
Moreover, this week, Rippe has announced that RippleNet has added its 100th member, which signals the great growth of Ripple’s infrastructure.
Yet, XRP traders should note that demand for this digital currency largely depends on the South Korean cryptocurrency exchanges. In fact, such Korean exchanges as Bithumb, Coinone, and Korbit account for a combined almost 70% of all XRP trading volume. While some believe this is a positive sign, others may find it concerning that so much of Ripple’s volume is concentrated within a single fiat currency trading pair.
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