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Ripple hits volumes not seen since 2017

Photo of: Joseph Stone
by Joseph Stone

XRP is no longer lagging behind Bitcoin and Ether. Cryptocurrencies have experienced strong growth since December 17, a day marked by an exchange volume of 20 billion dollars.

Traders, investors, and other observers have their eyes on Bitcoin, and to some extent Ethereum. But what about the third-largest cryptocurrency in capitalization? XRP was clearly lagging behind in recent days.

Since the first stage of the December 12 airdrop, the token even recorded a sharp decline. However, the trend is now being reversed. The cryptocurrencies are now even growing faster than Bitcoin.

In the space of 24 hours, XRP was up 26% to $0.64. It returned to 2017 levels. This allowed it to reach a capitalization of around $29 billion.

According to Decrypt, Ripple’s token was quoted at $0.60 on December 18. Recall that this week, the XRP went down to $0.45. Since the airdrop of token Spark, the price was particularly hectic.

Now XRP is also taking part in the cryptocurrencies rallies. And the level reached by the trading volumes underlines a strong demand for the token. A few days earlier, transactions had reached $10 billion.

But according to CoinMarketCap, that volume doubled on December 17 to close to $20 billion, at exactly $19.2 billion. Nevertheless, we are still a long way from last November’s peaks.

The peak of XRP indeed goes back to the end of last month with a value of $0.71. The volume of trade climbed to $33 billion. Investors probably hope that the former Ripple, Jed McCaleb, will not break the current trend.

They may also be sensitive to Ripple’s significant recruitment. His board of directors now includes Sandie O’Connor. A Wall Street and compliance expert, she was previously Director of Regulatory Affairs at JPMorgan.

This hiring underscores Ripple and its CEO’s ambitions in this area. “The U.S. needs a single, clear regulatory framework for crypto that creates a level playing field and supports U.S. innovation and business. Sandie’s experience and advice will help us build a more inclusive financial system.