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‘Cryptocurrency Craze’ FOMO Takes XRP Price Above $0.75, Now Up Over 200% in 2020


‘Cryptocurrency Craze’ FOMO Takes XRP Price Above $0.75, Now Up Over 200% in 2020 Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

XRP continues to be one of the hottest altcoins at the moment, with the price up another 27% in the past 24-hour period.

The current Bitcoin bull run that started on October 1 has taken the BTC price from $10,779 to $18,759, which means a gain of 74.03% vs USD.

According to data from CryptoCompare, in the case of XRP, its latest bull run seems to have started on November 17, when the opening price (i.e. as of 00:00 UTC on November 17) was $0.2881.

Currently (as of 10:25 UTC on November 24), XRP is trading on crypt exchange Bitstamp around $0.5917, up 27.06% in the past 24-hour period.

This means that in the past seven-day period, XRP-USD has increased by 105.38%. And even more impressively, in the year-to-date (YTD) period, XRP has gone up 207.37%.

Today’s XRP price action has been particularly interesting. Around 05:55 UTC, the XRP jumped to as high as $0.78 on Bitfinex, $0.79 on Bitstamp, $0.806 on Bittrex, and $0.921 on Coinbase.

However, within 10 minutes, the XRP price retraced to around $0.6576 on Coinbase, and it was a similar story on other major crypto exchanges (e.g. on Bitstamp, it went down to $0.6498).

One potential explanation the for spike in the XRP price is that there was a short squeeze. Of course, the fact that Coinbase was experiencing technical difficulties around this time only added to the general confusion.

Interestingly, at 05:55 UTC, when the XRP price was hitting new 2020 highs, Twitter uses are in Japan seemed to be even more interested in cryptocurrencies — and in particular, XRP — than usual:

Also, according to Eugene Ng, Director of Sales and Business Development at crypto derivatives exchange Bit.com, at 00:29 UTC (or 08:29 Singapore time), CNA, an English language TV news channel based in Singapore, was talking about the current “cryptocurrency craze” and displaying prices for Ethereum (ETH) and XRP.

Featured Image by “vjkombajn” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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