The cryptocurrency Ripple (XRP) has recently rallied to become the 2nd largest cryptocurrency by total market capitalization after Bitcoin (BTC). It has now risen more than 100% this month and holds a market capitalization of over $22bn.
This latest rally is due to crypto-exchange Coinbase announcing it is going to list additional cryptocurrencies. Currently only Bitcoin, Ethereum (ETH), Bitcoin Cash, Ethereum Classic and Litecoin are traded on Coinbase. Coinbase CEO stated in a blog post;
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time”
Investors interpreted the statement that Ripple could become listed on the platform. Furthermore, the price rallied on comments from Ripple Labs that they are close to launching a new product, the XRapid, a product that could help banks speed up transactions using XRP. CNBC noted;
Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said Monday that the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,
Also, Ripple’s price reacted positively from comments to Forbes from Nigel Green, founder and CEO of investment advisor deVere Group;
Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals. The use of XRP is set to increase, and naturally, this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.
Finally, Bitmain, one of the leading mining giants released its IPO prospectus today. This is another positive data point for cryptocurrencies as various players aim to become more regulated.
With cryptocurrencies becoming more mainstay, with regulatory and exchange developments, potential opportunities will arise in various cryptos.
Source: chart by Bloomberg