Ripple’s XRP unit is a digital form of currency that is trustless. Just like the most of cryptocurrencies, Ripple has shown a sudden spike in the last 24hours. At press time, the price has jumped by 21% percent in total, trading at $0.68. The market capital is at $26.68 billion.
After Santander launched its first Ripple-based app for cross-border foreign exchange, Ripple saw a 20 percent increase in its price. Nevertheless, the app uses Blockchain technology and not XRP.
According to CNN:
“The simplest explanation is that naive investors confuse Ripple — the company — and XRP and thus mistakenly believe that all Ripple news is bullish for XRP.”
This is good news for the investors who have seen a few rough weeks.
Matthew Newton, an analyst at e-Toro, said:
“Whilst there has been some stability in the cryptocurrency markets over recent weeks, we’ve seen a record number of short positions building on major exchanges. When the price began to rise this afternoon, a large number of shorts with big positions were squeezed. The resulting interest from buyers increased momentum, causing the price to jump.”
The sudden changes in prices came after Cory Johnson’s statement to CNBC where he says that Ripple is not a security. He said:
“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law,”
Sandy Beverly, a Twitter user said:
“Ripple is considered the coin that the banks are most interested in using for transactions. That is another reason many experts feel it will rise in value. After researching Ripple with Altcoin Buzz and various other “experts” – they still see the coin breaking big.”