Ripple Prices Surge to 4-Month High

The price of XRP, the cryptocurrency of the Ripple network, surged overnight, climbing to its highest total in more than four months.

XRP reached as much as $0.008288 at 16:44 UTC on CoinMarketCap, which represented a roughly 13.7% gain for the session and the highest price since mid-November, data reveals.

In statements, Ripple gateway operator Rafael Olaio noted that he believes the new boom is a result of the ongoing gains observed in the broader digital currency market, a development that has coincided with new volatility in the bitcoin market.

Olaio told CoinDesk:

"I think is part of the tide that came to non-bitcoin lately. People are educating themselves about other options."

The operator of a decentralized distributed ledger with its own cryptocurrency (as well as other enterprise products), Ripple provides global solutions for financial settlement. The startup has been enjoying growing visibility lately, raising $55m in September.

Further, in October, a dozen banks announced that they had completed several trials testing XRP's ability to provide liquidity to bank accounts across the world.

Rising balloons via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Charles Bovaird

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.