The price of XRP, the native currency on the Ripple network, surged overnight, climbing to its highest total in more than four months.
XRP reached as much as $0.008288 at 16:44 UTC on CoinMarketCap, which represented a roughly 13.7% gain for the session and the highest price since mid-November, data reveals.
In statements, Ripple gateway operator Rafael Olaio noted that he believes the new boom is a result of the ongoing gains observed in the cryptocurrency market, a development that has coincided with new volatility in the bitcoin market.
Olaio told CoinDesk:
"I think is part of the tide that came to non-bitcoin lately. People are educating themselves about other options."
The operator of a permissioned distributed ledger with its own tradeable asset (as well as other enterprise products), Ripple provides global solutions for financial settlement. The startup has been enjoying growing visibility lately, raising $55m in September.
Further, in October, a dozen banks announced that they had completed several trials testing XRP's ability to provide liquidity to bank accounts across the world.
Rising balloons via Shutterstock
Zedd, 3LAU and Big Sean: Tickets On Sale for First Blockchain Music Festival
Tickets for the first music festival set to be powered by blockchain technology are now on sale.
Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF toke
How Crypto Reacted to This Week's SEC Bitcoin ETF Delay
It was an expected result at an unexpected time.
The news broke on August 7 that the U.S. Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a prop
Microsoft Looks to Trusted Computing for Blockchain Security Boost
Two newly published patent applications from Microsoft suggest that the software giant is looking at the use of trusted execution environments, or TEEs, within its blockchain offerings.
Crypto Millionaire Lost 5,500 Bitcoins in Alleged Investment Scam
A 22-year-old cryptocurrency millionaire has lost more than 5,500 bitcoins in an alleged investment scam in Thailand – one that drew public attention due to the involvement of a local actor.
China's Communist Party Publishes Blockchain Tech 101
China's Communist Party is moving to make blockchain literacy the norm across public offices with the publication of an explainer for officials and members.
Released by the publishing house of the
Blockchain Social Network Minds Is Migrating to Ethereum for Launch
Blockchain-based social network Minds is migrating its platform to the ethereum network, the startup announced Monday.
After roughly four-and-a-half months on its Rinkeby test network, the startup
Bitcoin Trading Is Illegal in Saudi Arabia, Warn Watchdogs
A governmental committee comprised of Saudi Arabian regulators has issued a statement clarifying that cryptocurrency trading is illegal in the kingdom.
According to a statement issued Sunday, the s
Former S&P President Leads Seed Round for ICO Compliance Startup
Regtech and compliance startup iComply has just completed a seed funding round led by former Standard and Poor's president Deven Sharma.
The firm – which seeks to develop standard compliance tools