Interest in the term “XRP” has reached its highest level in more than two years as the price of the third largest crypto asset by market capitalization has more than doubled in one week.
According to Google Trends, the interest is in it RippleThe connected project is now the highest since the end of September 2018. The only time it was higher than the 2018 level was the peak from December 2017 to January 2018.
Interest in XRP in the past 12 months:
We can also compare this to interest in Bitcoin (BTC), which stands as a giant (red line) above XRP (blue line) according to the table below. BTC also peaked during the January 2018 frenzy, which spiked again in mid-October, reaching the current levels it had previously seen in late June 2019.
And when the XRP price soared to its highest level since May 2018 (USD 0.765), the cryptanalyst company was feeling written down “The number of unique addresses handled on the XRP network in a single day (24,408) was the highest since May 1st.”
In addition, XRP rose to the position of the second most popular site CoinGecko.
XRP is currently the second most popular site on CoinGecko after our homepage. Gosh, whyyyyyy. Up 50% in the last 24 hours and now all of them are piling up … pic.twitter.com/X69mJjOsz9
– Bobby Ong (@bobbyong) November 24, 2020
Then a twist. XRP saw a rapid crash that hurt those who bought the top.
– Hsaka (@HsakaTrades) November 24, 2020
However, it was followed by a quick comeback, currently (14:55 UTC) trading at USD 0.667 after rising 23% in one day, 121% in a week, and 168% in a month. It’s still lower than the $ 0.766 hit today.
But it’s not really clear what drove that demand in the first place, as is the case with many other rally altcoins.
Among the recent events, Ripple announced their partnership with the UK based financial services company MoneyNetint. In addition, Ripple Labs has a brand on the United States Patent and Trademark Office Earlier this month for a new product called Paystring – “which will cover the categories of electronic financial services, namely monetary services for receiving and paying out transfers and monetary gifts in fiat currencies and virtual currencies over a computer network, and for exchanging fiat currencies and virtual currencies over a computer network “as filling said.
Ripple could also have benefited from the success of its partners.
Congratulations on a very strong quarter! Proud to be a partner in MGI’s digital growth transformation. There is no doubt about the network’s growth and consumer benefits. https://t.co/SPvNx05duk
– Brad Garlinghouse (@bgarlinghouse) October 30, 2020
In addition, another event is imminent – the planned December 12th Airdop of 45 billion Governance Spark tokens for XRP holders of non-custody wallets via blockchain platform Flare network, which is supported from Ripple’s investment arm Xpring, renamed to RippleX. Per Flare, 28 exchanges are currently supporting the airdrop.
As reported today, Ripple also posted a vacancy to hire a senior director of central bank exposures. This is the clearest indication yet that the company plans to focus more on initiatives related to central bank digital currencies in the XRP ledger in the near future.
Meanwhile, others argue that people are buying XRP because they can’t afford BTC.
It’s that oh-man-Bitcoin-is-so-expensive-but-hey-the-XRP-sure-looks-cheap-I-have-no-idea-what-it-is-but-I’m-buying – part of this pump
– ₿rooke (@bitcoinmom) November 24, 2020
The US FED really only used you as exit liquidity pic.twitter.com/BKi9ygvkW7
– red (@redxbt) November 24, 2020
Trust me when I tell you that I absolutely hate $ XRP and it belongs in the trash.
But the market doesn’t care about my feelings. My feelings don’t make money either.
Oh my god, I’m taking back everything I’ve ever said about Ripple. Brad Chaddinghouse was always my friend.
– Vacation (@LomahCrypto) November 24, 2020
biggest xrp liquidation i could find. 74k fictional.
Not much by the standard of things, but imagine explaining this loss to someone … lol
“You lost a car on what fucking coin?” https://t.co/dkyuedrWVI
– i.am.nomad (@IamNomad) November 24, 2020
See I understand you can act $ XRP and make money, congratulations. I’m sure there is money to be made, like liquefying orphans to fuel street lights or the like, but you have to have a line that you don’t want to cross.
– kain.eth (kaiynne) November 24, 2020