XRP, the third-largest coin by market cap, has expressed a growth of 91% over the last month which is bullish news for the coin. Based on the views of market experts, there are three fundamental factors that are directly involved in the price hike last month.
In order to catch up with other better-performing cryptocurrencies, XRP is making a significant bullish path as a result of the increasing activity of traders. According to Santiment’s data, the addresses holding XRP have jumped in late November. For instance, price value of cryptocurrency jumped by 27% in an upward direction on November 22.
Expansion in Active Addresses
The expansion in the active addresses continued since May 1 which shows how much traders are investing in it. “Ripple’s price skyrocketed +27% today, and the amount of unique addresses transacting on the $XRP network in a single day (24,408) was the highest output since May 1,” said analysts at Santiment.
The activity of users over the network has spiked, and secondly, the active addresses holding XRP are continuously increasing.
There are very rare cases in the crypto space when a blockchain project repurchase coins in order to keep the value of the token safe and healthy. In a so-called attempt to keep markets healthier, Ripple repurchased XRP worth $45.5 million in Q3, 2020. This was the first time the company initiated a repurchased program for markets’ health. “As indicated in the Q2 2020 XRP Markets Report, Ripple is purchasing – and may continue to purchase – XRP to support healthy markets,” the report reads.
The process of buyback also occurs in the traditional world to increase the price of an object, such as a commodity, or stock in the trading markets.
The third fundamental factor behind the price gain is the incoming of a possible new product of Ripple. For example, a request for a product’s trademark was filed to the US Patent and Trademark Office by Ripple Labs in early November.
The product is called Paystring which functions to receive and send money across the borders. However, the full details about Paystring will be known after its launch.
112% Gain in the Last Week
The week has remained outstanding for XRP as the price value gets a boom. In just the last 24-hours, the value of the XRP coin has jumped by more than 29%. Over a timeframe of the last seven days, the cryptocurrency has witnessed a growth of more than 112%.