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XRP Jumps To Nearly $ 1 On Coinbase Cryptocurrency Exchange

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XRP’s Future after Coinbase Trading/Buying Suspension

XRP Jumps To Nearly $ 1 On Coinbase Cryptocurrency Exchange

XRP Jumps To Nearly $ 1 On Coinbase Cryptocurrency Exchange
CONTENT

  • XRP rate soared to $ 0.92 this morning.

  • However, soon the price rolled back to the $ 0.61 area.

  • XRP rally coincides with bitcoin bull run.

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A surprise pump on Coinbase this morning pushed XRP to near $ 1 amid the overall bullish sentiment in the crypto market.

Bullish run of cryptocurrencies

XRP Jumps To Nearly $ 1 On Coinbase Cryptocurrency Exchange

This morning on November 24, the Ripple (XRP) cryptocurrency rate almost reached the psychological $ 1 mark on the Coinbase exchange. This pumping coincided with a general bull run in the cryptocurrency market.

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Recall that bitcoin today for the first time since December 2017 crossed the threshold of $ 19,000, and ETH was inspired by the news of overcoming another threshold – as it became known, the ETH 2.0 deposit contract gained the amount of funds required to launch the zero phase of Ethereum 2.0

Lucky day for XRP

Returning to XRP, it has been in relative hibernation in recent months, and has stuck in the $ 0.25 – $ 0.30 range from October 24 to November 20. However, from that moment on, the XRP rate began to actively strengthen, and this morning soared to the $ 0.92 region according to the American cryptocurrency platform Coinbase. On other exchanges, the maximum was recorded around $ 0.79

XRP Price on Coinbase, Source TradingView

Thus, within a few hours, the XRP rate rose by 100%. However, the price immediately rolled back to the $ 0.61 area, sagging by about a third from the peak high.

XRP’s market cap has reached roughly $ 29 billion today, up from $ 13 billion as of November 17. XRP trading volumes also demonstrated impressive growth. Over the past week, they have increased sixfold – from $ 5 billion to about $ 30 billion at the time of writing..

XRP Jumps To Nearly $ 1 On Coinbase Cryptocurrency Exchange

Speculation and lucky coincidence

In theory, the overall positive sentiment in the crypto market could be behind today’s XRP strengthening. The Bitcoin rally has the potential to pull other altcoins along with it. In 2017, against the background of Bitcoin’s growth in the direction of $ 20,000, the XRP rate set its own record, reaching, according to CoinMarketCap, an all-time high of $ 3.84.

However, this still cannot explain such a sharp price jump that was observed today..

Recall that the day before, the editorial staff of BeInCrypto had already paid attention to the dynamics of the Ripple rate, trying to figure out the probable reasons for its growth. In addition, we separately said that Ripple intends to increase its presence in the digital currency market of central banks (CBDC Paper bills and coins may be a thing of the past due to a new financial instrument – Central Banks Digital Currency (CBDC). As of … More) and for this created a new position of an expert on cooperation with Central Banks.

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