Whilst the rest of the market was booming last week, Ripple’s XRP seemed to be lagging behind. But over the past few days, XRP has been making waves in the market with the price of the token making thirty percent gains this week. In fact, at one point, XRP was worth $0.45, the highest price it had been since 2018.
As reported by ZyCrypto:
“A number of positive developments in the Ripple world mixed in with an overall sunny outlook for altcoins are thought to be the reasons for XRP’s recent upward action. News that the financial giant, Fidelity would start offering XRP trading for institutional investors was probably a contributing factor in XRP’s price pump.”
Another key step for XRP, Ripple and the crypto space in general, was Coinbase adding services for traders and investors in New York. With the Big Apple being one of the biggest financial hubs in the world, some people are sceptical when it comes to cryptocurrency.
#Coinbase rolled out #XRP trading for New York residents, and German exchange launched XRP ETN (exchange traded note). After the announcements, the price of XRP jumped over 20 percent to reach a high of $0.39. #crypto #cryptocurrency #altcoins #bitcoin #BTC— Weiss Ratings (@WeissRatings) May 14, 2019
Legislators and financial regulators are noticing New York now though. If there are positive regulatory moves made in the city then it could go a long way in making cryptocurrency a much more legitimate asset amongst Wall Street whales.
With all the positive news floating about and the eagerly anticipated arrival of institutional investors, cryptocurrency enthusiasts are starting to believe that people might get the dreaded FOMO and jump on the bandwagon.
Despite all this, Bitcoin recently lost some of its value and sunk below the $7,500 mark again bringing all altcoins down with it, including XRP