Ripple’s XRP surges 70% as Bitcoin craze sends investors flocking to smaller cryptocurrencies
Ripple’s price has risen about four-fold since the start of the pandemic, making gains alongside Bitcoin which rose 4% to a near all-time high of $US19,241 on Tuesday.
“XRP has been a speculative investment for a long time,” said Michael Anderson, co-founder of DeFi venture capitalist Framework Ventures. “There have been many partnerships announced but few practical applications.”
The top cryptocurrencies have gained price momentum over the last week. Ethereum has gained 30% and Bitcoin by 8%, but XRP has led the way with a 70% jump. Bitcoin’s rally this year has been partly driven by its touted status as an inflation hedge, which in turn could be spreading to other cryptocurrencies.
Investors pouring into Bitcoin, Ethereum, Ripple and other cryptos are looking to capitalise on a central bank rush to digitalize currencies, specifically the European Commission. ECB president Christine Lagarde has previously said the bank is seriously considering a digital euro.
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