Ripple price is increasing substantially since the last few hours and has given investors and traders lot of joy by shaking off all the effects of the recent price decline registered yesterday.
As of this writing Ripple price is up by over 70 per cent (global average) and the cryptocurrency is trading at $1.69. The cryptocurrency bloodbath on Wednesday caused the decrease in value of all cryptocurrencies and wiped off $400 billion off the markets.
Ripple was at an all time high of near $4 earlier in January and during the first three days of this week took a dive until it hit a low of $0.88 on Bittrex. This massive price slump represented a 77 per cent peak-to-valley decline.
This changed today with Ripple as well as all other cryptocurrencies registering double digit growths with Ripple leading the charts with a 70 per cent surge over Wednesday. A whopping $177 billion in capital flowed back into the ecosystem.
The Ripple price surge enable XRP to outperform the cryptocurrency market cap index and recover to $1.66 as of this writing. Ripple now has a circulating market cap of $64 billion, which makes it roughly twice as valuable as bitcoin cash.
The primary driver of this rally is the market’s general upswing, but several factors enabled XRP to outperform other top cryptocurrencies.
Most importantly, yet another South Korean regulatory agency has spoken out publicly against the Justice Ministry’s proposed cryptocurrency exchange ban. The chairman of the country’s Fair Trade Commission said yesterday that he believes a blanket ban is “not realistically possible” and that the government does not have the authority to make such a policy change. Given the heavy concentration of XRP trading in Korea, this announcement understandably had an outsized effect on the ripple price.
Additionally, South Korean bank Woori Bank announced that it would conduct a second pilot program using Ripple’s enterprise blockchain. Although the trial will not include the use of XRP, these trials nevertheless seem to have a positive effect on the ripple price.