The XRP market price is reawakening after months of stagnation, boosted by the return to wild daily gains.
Ripple’s XRP broke out of its usual range, adding more than 21% overnight on the back of the general rally. XRP became the best-performing asset in the top 10 of coins, rising to $0.38. The gains are still limited, as XRP remains one of the worst performers of 2019, lagging behind the gains of other assets.
Positive news also includes VISA’s purchase of Earthport, a company that has built a partnership with Ripple in the past:
Visa has announced that it has acquired a payments network company, Earthport, which is a partner of Ripple and has banking relationships in 87 countries. Visa acquired Earthport for approximately $331 million
— Phillip Nunn 🚀 (@PhillipNunnUK) May 13, 2019
However, partnerships with Ripple mean the usage of the payment system and XRP are still in the exploratory stage. A partnership is no guarantee of direct demand for XRP.
The current price rally generated predictions of XRP returning to prices above $0.50, and extending the gains quickly to new, much higher valuations.
— Ryan_W (@RyanICNN) May 14, 2019
But the biggest boost for XRP is the fact that it is now available to New York residents, as announced recently on the Coinbase blog. XRP may thus see new inflows of funds, as buyers flock into what looks like a promising, low-priced asset capable of growing significantly.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs
— Coinbase (@coinbase) May 13, 2019
XRP is one of the most widely advertised assets on social media, and the current price rally may further increase the coin’s popularity. XRP shows significant activity on Binance, as well as a handful of innovative exchanges using transaction mining.
XRP skeptics, on the other hand, see BTC as rallying harder. The crypto community is skeptical for XRP for not running a decentralized blockchain, and for allowing the potential reversibility of transactions.
Along with XRP, several other forgotten low-priced assets rallied harder than usual. IOTA (MIOTA) also rose by more than 21% overnight to $0.37, as the asset hopes to regain its influence. The Stellar (XRP) asset, which is viewed as the open source version of Ripple’s ecosystem, recovered to $0.10, with expectations for a more significant rally.