Why Is XRP Soaring Even As Bitcoin, Ethereum Slump?

What’s Moving?

The cryptocurrency associated with Ripple Inc has risen 9.78% over a seven-day trailing period.

XRP traded 11.57% and 11.59% higher against Bitcoin BTC and Ethereum ETH respectively over 24 hours.

XRP is down 16.07% over the last 30 days and has lost 3.75% of its value on a 90-day basis.

Since the year began, XRP has gained 283.22%. The coin touched an all-time high of $3.84 in January 2018.

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Why Is It Moving?

XRP was seen moving higher even as major coins traded in the red. The global cryptocurrency market capitalization declined 2.07% to $2.19 trillion at press time.

XRP was among the most mentioned coins on Twitter at press time. It attracted 1,221 tweets, according to Cointrendz data. 

The most mentioned coins were BTC and ETH, which attracted 8,761 and 3,784 tweets, respectively.

XRP saw high interest from retail traders at press time and was on the top trending ticker, as per the list maintained by Stocktwits.

On Sunday, Ripple announced a partnership with the Republic of Palau, an island nation in the Western Pacific in order to explore the nation’s first digital currency and its use cases with the XRP Ledger (XRPL).

Close Up of Bitcoins

Image Source: Pexels

“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” said Surangel Whipps Jr, the President of Palau.

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