Ripple's XRP, currently the world's third-biggest cryptocurrency by market value behind bitcoin and ethereum, has suddenly soaredjumping by around 10% and prompting an uptick in most other major cryptocurrencies.
Ripple's XRP led the market higher today, up around 10%, while bitcoin cash added some 5% and ethereum was up 3%. Bitcoin, usually the main crypto market mover was relatively unchanged, up by some 1% along with its rival litecoinperhaps due to a famous bitcoin bet being revealed as a "ruse."
[Update: 1.34am EST 01/07/2020] Bitcoin joined the rally late in the day, with the bitcoin price rocketing more than $400 in just a few hours to over $8,000, according to prices from the Luxembourg-based Bitstamp exchange, before falling back to trade around $7,850up some 5% over the last 24-hour trading period.
Ripple chief executive Brad Garlinghouse has faced accusations the company is selling off large ... [+] amounts of the XRP token, driving the price lower and upsetting XRP holders.
XRP's sudden surge higher comes after Malta-based bitcoin and cryptocurrency exchange Binance, the world's largest crypto exchange by volume, announced it will be adding Ripple's XRP and the stablecoin tether as a futures trading pair.
The XRP tether contract offers leverage of up to 75 times, according to Binance, and is the exchange's fourth tether-tied futures trading pair, along with bitcoin, bitcoin cash, and ethereum.
Ripple has said it expects to grow its customer base by 30% to 40% this year, from 300 currently, and boasted transaction volume on the Ripple network will rise more than 600%.
The sharp rise in the XRP price comes on the back of comments made by Ripple chief executive Brad Garlinghouse late last year playing down suggestions Ripple is selling off large amounts of XRP and claiming Ripple "cant control XRP price."
"Ripple owns a lot of XRP, were very interested in the success of XRP, but the accusations of us dumping, thats not in our best interests to do that," Garlinghouse told U.S. television network CNN last month, adding "we would never do that and in fact, weve taken steps to lock up most of the XRP we own in escrows so we cant touch it."
Garlinghouse also denied that Ripple, which owns some 60% of XRP tokens, could move the XRP price.
"Ripple cant control the price of XRP any more than the whales can control the price of bitcoin."
The price of Ripple's XRP has been on a long-term downward trend as the company works to sign up ... [+] banks and other financial service companies to its technology.
The price of Ripple's XRP is down some 45% over the last 12 months, with many in the Ripple community decrying the company's practice of selling XRP tokens to boost its financial performance.
Bitcoin has outperformed almost all of its peers over the last year or so. The bitcoin price is around double where it began 2019 while most other major cryptocurrencies, including Ripple's XRP, ethereum, bitcoin cash, and litecoin have struggled to break out of their now two-year long bear market.
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