Demand for XRP Rises as Community Reacts to a Series of Good News from Ripple ⋆ ZyCryptoSeptember 30, 2019
In the past couple of days, Ripple Inc. has announced a couple of exciting acquisitions; Logos and Algrim. These acquisitions, they say, is geared towards expanding the company, its products, and also to serve the increasing demands of its customers better.
These announcements, however, has been received by the XRP holders with joy as demand for XRP tokens rises, sending its value upward. XRP has risen over 7% in the last 24 hours, with the token being traded at $0.25 (according to CoinMarketCap) at the time of reporting.
XRP Holders Now Have A Reason To Smile Again
The last couple of weeks have been incredibly hard for XRP holders. There have been massive transfers of XRP tokens, valued at hundreds of millions of dollars out of XRP’s reserve wallet a couple of times.
This has caused XRP’s price to tank as the community feared it was going to lead to XRP losing value drastically as the transferred tokens are exchanged for fiat. In fact, a group of XRP investors had called for a fork of the Ripple’s blockchain if the transfers didn’t stop.
Thankfully, the last couple of days, there’s been some good news from Ripple Inc that has revived the lost hope XRP holders had for the token. According to CoinMarketCap, Exrates, Bitstamp, Coinbase Pro, Bitfinex, and Kraken recorded the largest numbers of XRP/USD trades in the last 24 hrs, totaling over $50 million.
How Long Will The Joy Last?
A lot of questions on people’s minds, so many wants to know how long these recent developments will last?
Well, it seems no one has the answers to these questions. However, there have been two major reports of large XRP transfers this month. The first on the 3rd of September, 2019 and a more recent one on the 24th of September, 2019. As reported, the fintech company had transferred 500 million and 10 million XRP tokens on these dates, respectively. These are indications that these series of transfers may not be over just yet.
If Ripple doubles its efforts, closing deals which seems beneficial to the expansion of the community, XRP holders may overlook these transfers and focus more on a global adoption as Ripple plans to achieve.
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