Ripple (XRP) Records 5-Month High: Trading Volumes Continue Increasing


When Ripple (XRP) was created, the developers had in mind a platform that could support financial and banking institutions. Almost a decade later, the company has started to see success, and although it’s not quite at a rate that was expected, there is some visible progress.

Ripple Growing Relationship with Institutions

The company has already established an excellent working relationship with a number of central banks such as the Saudi Arabia Monetary Authority, the central bank of Saudi Arabia. According to former Chief Market Strategist Cory Johnson, the company also has an open communication relationship with the White House.

The World Bank and the IMF have lauded the efforts of Ripple in transforming livelihoods. The objective is building liquidity, and the transfer of funds in Web 3.0 will be easier if firms and people were in a position to transfer funds instantly. Ripple (XRP) enthusiasts believe that through XRP’s liquidity tool, xRapid, a facilitator can make it happen.

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XRP Jumps 25% in a Week

Ripple (XRP) is one of the top altcoin movers this week, with a gain of 25% in just one week. Although there is a ceiling of about $0.46 to $0.48, bulls are optimistic that the solid march will continue. At the time of writing, XRP is trading up by 4% at $0.465. Ripple has a market capitalization of $19.54 billion currently.

Although conservative investors are waiting for a breakout above the highs set on May 16, there is nonetheless a window for aggressive investors to ramp up in the near future with possible price targets expected to range between $0.60 and $0.80. Trading volumes have surged in the last six days from 19 million to around 59 million, and because of the bullish trend, any break from the May high could see volumes hit 187 million.

What do you think?

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