After an extended stagnant period for XRP, the price for Ripple’s digital asset exploded over the past 24 hours.
It had total gains of about 20%, and it managed to outperform every top 100 coins in 24-hours gains.
CryptoGlobe notes that on May 14, “starting around 01:15 UTC, the price of XRP, the third-largest crypto asset by market cap, started to surge, seemingly in response to the good news from Börse Stuttgart (SWB), the second-largest stock exchange in Germany, and from crypto exchange Coinbase in the United States.”
The online publication also presented a chart which shows that “when the surge started at 01:15 UTC, XRP was trading at $0.3259. By 05:00 UTC, the XRP price had reached an intraday high of $0.4012, for a gain of 23.11%.”
XRP, on its way to surpassing $0.50
Investinblockchain publication notes some of the resistance levels that XRP/USD needs to overcome before being able to reach the target area at the $0.50 area. You can check out their prediction in the original article.
The recent price growth that has been witnessed by XRP/USD has taken the market out of the five-month sideways price action where it was trapped by now.
Two potential triggers for XRP’s price surge
Here are two reasons noted by CryptoGlobe that could have triggered the surge in price for XRP.
First of all, Börse Stuttgart (SWB) announced that it had listed two exchange-traded notes (ETNs) issued by XBT Provider, one for XRP and the other for Litecoin (LTC).
This is the second biggest stock exchange in Germany and the ninth largest in Europe.
ETNs operate in a similar way to ETFs as strictly regulated, transparent and protected instruments that can be used by investors to invest in various assets.
And secondly, on Monday, at 14:23 PT, Coinbase revealed that customers who are residents of New York state can finally “buy, sell, convert, send, receive, or store XRP” on Coinbase.com or using its iOS and Android apps.