Ripple XRP experienced a rapid and significant increase in value at the beginning of November.
XRP had first indications of deceleration earlier today, but thereafter experienced a rapid and exponential surge in price. Currently, the digital currency has experienced a 6% increase, recovering from its lowest point of $0.5823 in the past 24 hours to its current value of $0.601.
Following the price reboot, XRP has further solidified its position as the cryptocurrency with the highest price gains in the last seven days. During this period, the value of the coin has experienced a significant increase of 9.77%. Additionally, XRP has maintained a consistent trading volume during most of October. Currently, the total trading volume of XRP on exchanges is $2,320,662,076, indicating a growth rate of 38%.
Binance achieved the greatest trading volume for XRP, reaching a total of $379,948,931, which represents a 16% increase. The abrupt resurgence could be attributed to the prevailing confidence within the XRP community, which has been fueled by a succession of incentivized initiatives initiated by Ripple’s partner, Uphold, as well as the coin’s recent legal triumph regarding its classification in the United States.
Currently, XRP is the sole altcoin in the United States that is legally classified as a non security. With this information, XRP enthusiasts are particularly focused on beginning November with a fresh start.
Ripple and Xahau Effects
Another two possible factors contributing to the present increase in XRP’s price are the issuance of 1 billion XRP from escrow by Ripple Labs Inc. Consequently, this implies that there is an increased amount of XRP in circulation. Additionally, it emphasizes Ripple’s commitment to supporting the management of the XRP supply.
The introduction of Xahau, the sidechain of XRPL, is also contributing to the coin’s surge, generating additional excitement. Xahau became operational following a thorough examination of its code, and this release highlights the XRP Ledger’s adaptability and its efforts to enhance the usefulness of XRP going ahead.