Ripple’s digital token XRP was the best performer among the top 10 digital currencies yesterday. Such price trend has been quite usual for XRP lately. Information reaching NewsLogical reveals that the third-largest cryptocurrency by market capitalization is close to attaining a new all-time high in terms of liquidity on Bitso, a Mexican cryptocurrency exchange.
Lately, the price action of top digital currencies has not been encouraging. Bitcoin (BTC), the largest cryptocurrency, is indeed one of the least performers, and its price trend for the past few weeks has not really been enchanting.
However, despite the habitual sovereignty of BTC, XRP is creating strong foothold with independent price surge. The scalability, low transaction fees, and high speed are quite aiding the growth and development of the digital currency. These are the factors possibly underpinning the growth of Ripple’s digital token in terms of liquidity as more people leverage the use cases embedded in it.
At the time of filing this report, XRP is trading at $0.276635 with 3.8% price surge in the last 24 hours.
XRP Liquidity Heads Towards Breaking All-Time High on Bitso
According to the chart released by Janna One Trick on Twitter, the volume of XRP transactions on Bitso exchange is increasing and it is close to recording a new all-time high.
XRP recorded its highest transaction on the exchange around mid-August 2019. Afterward, it experienced a notable drop, but has since peaked in the past few days. The chart which extended up to 6th October revealed that XRP is close to surpassing its existing highest liquidity.
— Janna One Trick (@Janna_One_Trick) October 7, 2019
The replica of this is likely playing out across other cryptocurrency exchanges. The recent price action showcased by XRP looks quite favorable. Its growth and the way it has led other cryptocurrencies has broadened the belief of pundits as to whether Altseason has finally arrived.
Is Ripple’s Recent Developments Impacting XRP Price?
Ripple, the US-based payment company, which oversees the distribution of the digital token XRP, initiated notable developments lately so as to increase the usage of the token across the globe. On 20th September 2019, Ripple acquired Logos Network.
The acquisition has increased the numbers of engineers at Ripple by 8. These engineers are to focus on the XRP-based development (DeFi) products. The deal is also expected to give Ripple foothold in Northern Europe.
In addition to the aforementioned development, the blockchain firm also sealed a partnership with Algrim, which would as well bolster the liquidity of XRP as RippleNet utilizes the digital token to facilitate cross-border payments.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.