Ripple Approaches $4, Extending Gains To Hit New All-Time High

&l;p&g;&l;img class=&q;dam-image shutterstock size-large wp-image-709156108&q; src=&q;×0.jpg?fit=scale&q; data-height=&q;715&q; data-width=&q;960&q;&g; XRP approached $4 today, reaching a new, all-time high. Shutterstock

Ripple&s;s XRP token continued its strong, upward movement today,&a;nbsp;climbing toward $4 and reaching a new, all-time high.

The digital currency reached as high as $3.84,&a;nbsp;according to &l;a href=&q;; target=&q;_blank&q;&g;CoinMarketCap&l;/a&g;.

At this price level, XRP has climbed more than 1,400% over the last month, additional CoinMarketCap figures show.

The digital currency has hit several milestones as of late, becoming the &l;a href=&q;;&g;second-largest cryptocurrency&l;/a&g; by market capitalization and breaking through the &l;a href=&q;;&g;$3 price level&l;/a&g;.


When providing explanation for why XRP tokens have enjoyed sustained appreciation as of late, analysts have cited several factors, including news of partnerships, speculation that Coinbase will add the digital currency and sustained momentum.

&l;strong&g;Bank Partnerships&l;/strong&g;

&l;span&g;Chris Keshian,&a;nbsp;&l;/span&g;&l;span&g;c&l;/span&g;&l;span&g;o-founder of the&a;nbsp;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;Apex Token Fund&l;/a&g;, a tokenized crypto fund-of-funds,&a;nbsp;recently emphasized Ripple&s;s partnerships with banks,&a;nbsp;asserting that this news has helped play a key role in driving XRP prices higher.&a;nbsp;&l;/span&g;

&l;span&g;Sean Walsh,&a;nbsp;&l;/span&g;&l;span&g;a partner at venture capital firm&a;nbsp;&l;/span&g;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;Redwood City Ventures&l;/a&g;&l;span&g;, also spoke to these partnerships, asserting that they have been a major factor helping fuel the digital currency&s;s recent gains.&a;nbsp;&l;/span&g;


&l;strong&g;Coinbase Speculation&l;/strong&g;

Rumors have been circulating that Coinbase, a major cryptocurrency exchange, will soon offer XRP trading.

&q;I&l;span style=&q;font-weight: 400&q;&g;t is widely believed that XRP will be one of the first if not the first new crypto listings on Coinbase this year,&q; said&a;nbsp;&l;span&g;Marouane Garcon, managing director of Amulet,&a;nbsp;a crypto-to-crypto derivatives platform that focuses on customer success and usability.&a;nbsp;&l;/span&g;&l;/span&g;

He emphasized that such a development could provide a major boost for XRP prices.

&q;&l;span style=&q;font-weight: 400&q;&g;This would provide a massive amount of liquidity and would without a doubt push the price much higher than it already is,&q;&a;nbsp;said Garcon.&a;nbsp;&l;/span&g;

&l;strong&g;Strong Momentum&l;/strong&g;

XRP has been experiencing strong momentum as it benefits from positive news and continued price appreciation.&a;nbsp;&q;&l;span style=&q;font-weight: 400&q;&g;XRP is being covered by every major news channel,&q; emphasized&a;nbsp;&l;span&g;Garcon.&a;nbsp;&l;/span&g;&l;/span&g;

As the digital currency continues to rise in price, Fear Of Missing Out (FOMO) may be taking over and&a;nbsp;fueling further gains, said&a;nbsp;&l;span&g;Charles Hayter, co-founder and CEO of data platform&a;nbsp;&l;/span&g;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;CryptoCompare&l;/a&g;&l;span&g;.&l;/span&g;

While this kind of investor mindset can be great for causing price appreciation, it is only sustainable for so long, emphasized&a;nbsp;&l;span&g;Arthur Hayes, co-founder&a;nbsp;&l;/span&g;&l;span&g;and CEO of Seychelles-based cryptocurrency exchange&a;nbsp;&l;/span&g;&l;a href=&q;; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;BitMEX&l;/a&g;.

Investors like to purchase assets that have already risen in price, he noted.

&q;The positive feedback loop drives the price higher and higher, until it doesn&a;rsquo;t.&q;

&l;span&g;Disclosure: I own some Bitcoin and Ether.&l;/span&g;&l;/p&g;

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