Ripple (XRP) recovering after posting a 6% upswing

October 5, 2020
By Sam Grant

XRP Ledger’s native virtual asset has recently shown positive indications in the market after recording price gains

XRP has often struggled when stacked against other top cryptos in the market on the year-to-date scale. However, in a turn of events, XRP has moved to become one of the best performing top 10 cryptos for the moment. This is after it recorded a 6 % leap in the past 24-hour window.

XRP price is currently at $0.25 – moving up from $0.235 at the same time yesterday (a 6.38% increase). It is also worth noting that Ripple, whose market cap is $11.21 billion, has had a positive 1.9%  seven-day change.

As of writing, Binance had the highest seven-day change going up by 7.84%, albeit its 24-hour change is up 0.28%. Ethereum and Bitcoin have positive 24-hour changes at 1.32% and 0.92%, respectively.

The current XRP price means it has moved up by about 28% compared to its position at the beginning of the year. Despite this positive trend, the coin has remained one of the worst performers among the top 10 cryptos in 2020.

The price shift follows the incident where assets worth over $4.5 million worth in XRP was stolen from KuCoin. Kucoin claimed that it had found the identity of the hacker involved in the incident. The chances are slim that the stolen amount would disrupt the XRP market, considering the average daily trading volume is in the range of $1.5 billion.

Last week, Ripple announced that it had built a tool allowing crypto companies to source renewable energy. The tool will help Ripple achieve its objective of going carbon net-zero by the end of this decade.