XRP prices are flirting with $0.24 after another strong trading session on Thursday, heading closer to our Ripple price prediction. This means that Ripple is up 23.87% for the week, including the 5.86% from yesterday.
Ultimately the strength of this week’s trading goes back to marketing. I tip my hat to CEO Brad Garlinghouse and his minions at Ripple because this was truly a PR coup.
Surely, everyone remembers that cryptocurrency prices were in freefall during the latter half of September. It was a bloodbath from which Ripple was not excused. The losses applied across the board.
Bitcoin rebounded strongly off the bottom, as did Ethereum. Ripple and the ones below it on the list of biggest cryptocurrencies did not. But this week was different.
Bitcoin and Ethereum were the very picture of a random walk, while the Ripple to USD exchange rate climbed steadily to $0.239389. So what happened there?
It’s uncertain what caused the slowdown in ETH and BTC, though it’s possible that prices are doing a familiar routine; two steps forward, one step back. That’s how cryptocurrencies tend to advance.
But as for what caused the surge in Ripple prices, that seems obvious.
The first spark occurred a day after Ripple’s CEO, Brad Garlinghouse, answered questions on an online forum known as Quora. He hinted at a major announcement when the company hosts its first annual conference later this month. Unsurprisingly, this kicked off a bit of a scene.
Trading volume picked up dramatically in the last two days, going from $48.7-million on October 3 to $123.6-million on October 4. If you think that is a sudden increase, consider that volumes jumped to $404.3-million the day after. It’s madness!
Madness or not, investors are finally pricing XRP based on Ripple news. It is trading independent (or at least somewhat independent) from the rest of the industry. This suggests that XRP will accelerate to its previous high of $0.40 in the near term, and then to our $2.00 Ripple price prediction over the medium term.