Ripple price soars as crypto bounces back

The Ripple price has soared today as the entire cryptocurrency market recovers from recent lows.

As the values for most major cryptocurrencies saw a massive spike, the Ripple price unexpectedly soared ahead.

Ripple’s XRP enjoyed the biggest gains in the top ten cryptocurrencies today, showing a 20% rise.

At the time of press, the Ripple price is currently sitting at $0.692, according to the Coin Thud live price charts.

Market capitalization is now at around US$23.6 billion.

The total value of the cryptocurrency market saw a 25 percent bump with most digital assets in the green.

Why is the Ripple price soaring?

Pinning down a single reason for the sudden spike in Ripple price is difficult.

 saw prices soar by more than $1,000, passing $8,000 for the first time in a month.

eToro analyst Matthew Newton, says:

“Whilst there has been some stability in the cryptocurrency markets over recent weeks, we’ve seen a record number of short positions building on major exchanges.

“When the price began to rise this afternoon, a large number of shorts with big positions were squeezed.

“The resulting interest from buyers increased momentum, causing the price to jump.”

 

In regards to Ripple, the dizzying heights could be down to an announcement by Santander.

 

In regards to Ripple, the dizzying heights could be down to an announcement by Santander.

The bank is introducing a new blockchain-based foreign exchange service to transfer funds that will utilize Ripple’s efficient transaction process.

The Santander One Pay FX platform is currently live in four different countries (the UK, Spain, Brazil, and Poland), according to CNBC.

A wider roll-out is expected in the next few months.

For XRP traders who have HODLed strong over the last few weeks, the news is a welcome relief.

The Ripple price might have also been impacted by the announcement that XRP is not a security.

Cory Johnson, Ripple’s chief market strategist, told CNBC:

“We absolutely are not a security.

“We don’t meet the standards for what a security is based on the history of court law.”