Over the last week, XRP, a Ripple token, has gone up 136.79% in price. The highest level of $0.4974 crypt currency since September 2018 was reached on Sunday 22 November.
At the time of writing, XRP is trading at $0.708, adding over 50% per day. Market capitalisation has exceeded 32 billion dollars.
According to analysts of company Santiment, increase in number of daily active addresses promotes XRP growth. On November 22, the crypt currency rose by 27% against the background of this indicator reaching its maximum value (24 408) from May 1.
Another potential reason for the rally may have been the activity of the developer company Ripple Labs. In its report for the third quarter of 2020, it reported the purchase of $45.55 million by XRP as part of a buy-back programme to maintain crypto cash.
In addition, according to FxPro analysts, XRP could have been affected by the growth of the largest cryptographic currency – bitcoin:
„Retail investors attracted by the growth of bitcoin are now probably the main buyers in the crypt market. However, the high price of the first cryptovite scares away retail customers, while altoDCs are trading at very comfortable levels.