The XRP coin has seen a strong price increase over the past few hours. The price of XRP has increased by around 10% in a short time. Over the past few weeks, there have been repeated increases in XRP, also independent of movements in the overall market. What were the reasons for the increase in the price of XRP?
In this article, we want to discuss the latest XRP price increase and see how well the XRP coin can still perform in the coming weeks.
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How has the XRP price evolved?
Over the past few hours, the price of XRP has seen a sharp rise. XRP coin fell from a price of US$0.46 to US$0.50. After dropping slightly to $0.49, the price then rallied back to $0.50. This increase means an 8-9% price gain in half a day.
The massive increase in the price of XRP came after a phase where the price had stabilized over the past few days. During the massive global market rally in the last week of October, the XRP coin saw significantly lower increases than Ethereum, Cardano or Solana.
Why has the XRP coin seen its price increase?
XRP is one of the most exciting cryptocurrencies in recent weeks. Indeed, the XRP price has been undervalued for months. Because the legal dispute with the American stock market watchdog SEC ensured, especially in the last bull market, that the price could not increase as much as the prices of other cryptocurrencies.
Therefore, we have also seen a stronger increase in the past few weeks, as positive information about the status of the litigation regarding the Ripple company has been made public. But the current increase had another reason. There are rumors that major crypto exchange Coinbase wants to allow the XRP coin back on its exchange.
In the past, many exchanges had no longer listed the XRP coin, which meant that price increases over the past 2 years were well below expectations. A re-listing of XRP on Coinbase could trigger a further price rally.
What started the Coinbase rumor?
Canadian crypto exchange Newton Crypto has announced plans to re-list the XRP coin in the future. This is an important step in reclaiming the XRP coin on crypto exchanges. Following the SEC’s indictment for illegal securities trading, many exchanges had removed XRP from their trading platforms.
The listing with the Canadian provider is prompting rumors that a return of the XRP coin to the US exchange Coinbase may be imminent. This new consumption of XRP should then push the price up again. But the listing at Newton Crypto and the hope of Coinbase have now pushed the price up.
How high can the price of XRP go?
Some analysts speculate that the XRP price may rise in value again with a new listing on Coinbase. Akash Girimath, technical analyst at FXStreet, estimates that the price of XRP is likely to increase by up to 55% if it becomes available to buy again on Coinbase.
This could bring the XRP price back close to the $1 level. This would make the price of XRP almost as high as it was at the end of the last bull market in November 2021. The price would thus approach the “real” value of the XRP coin, which the cryptocurrency could have without the legal dispute with the SEC.
Is it worth investing in XRP coin now?
XRP price appears to be extremely undervalued at the moment. If more and more crypto exchanges like Coinbase were to take over XRP, the price of XRP could rise massively as a result, even in a bear market.
The XRP coin is probably one of the most undervalued cryptocurrencies and could both in the next few weeks by news as positive as today medium and long term increase in value.
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