Ripple (XRP) trading at highest price in nearly a month

Ripple has hit the $0.20 mark for the first time since early June. The currency has shot up by more than 9% to finally break its bearish patterns.

2 min read

Jul 8, 2020

Ripple (XRP) is currently riding its biggest price surge in nearly a month.

XRP is now back to trading above $0.20 per coin for the first time since June 11. Since then, XRP bears had been in control, driving the price of the coin down to as low as $0.17 by June 28.

This despite expansion efforts from Ripple, specifically in Brazil and throughout Latin America, which in the past have helped boost confidence in XRP.

Ripple’s head of global banking Marjan Delatinne explained in an interview with Future of Finance that the company was focused on developing payment corridors in “exotic” locations, citing Brazil as firmly on the company’s radar.

Delatinne’s comments followed reports of a virtual meeting between Ripple executives, including CEO Brad Garlinghouse, with the president of Brazil’s central bank, Roberto Campos Neto. The “closed door” meeting was held to discuss “institutional matters,” though no other information was provided.

Nevertheless, Ripple’s XRP would spend several more weeks on a downward trend. Until today, that is--and to the XRP Army’s relief, no doubt.

Meanwhile, the rest of the market is similarly on the way up, though not as much. Bitcoin is up around 2% and trading for as close to $9,500 as it’s gotten in a while, and Ethereum is now nearing the $250 mark. Cardano, though, is the day’s biggest winner--and still tearing up the crypto market cap charts. ADA is now the sixth largest coin by market cap, having moved up two places in as many days.

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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