Ripple’s XRP token surged by as much as 40% Saturday, leading a battered crypto market north of $450 billion for the first time since last weekend. By the afternoon, Ripple continued to hold double-digit percentage gains while most major coins had reversed gains.
XRP/USD Price Levels
The XRP token was well off session highs at the time of writing, but still maintained a daily gain of nearly 11%. The token was last seen trading around $0.98 for a market cap of $40.5 billion.
Despite the advance, XRP exhibits weak momentum, with relative strength in the bearish 40s and the MACD struggling in negative territory. Like other cryptocurrencies, XRP entered oversold territory earlier this week as the total market plunged to more than two-month lows.
Ripple’s trade volumes rose to nearly $4.3 billion on Saturday, with the South Korean won serving as the main quote currency. South Korean exchanges Bithumb, Upbit and Coinone processed more than 60% of the daily transactions.
At the time of writing, the global cryptocurrency market was worth $415 billion, according to data provider CoinMarketCap. The market peaked at $458 billion earlier in the day, which was a fresh six-day high.
Garlinghouse: Don’t Believe the FUD
Ripple’s chief executive Brad Garlinghouse recently told a summit hosted by Yahoo Finance that “there’s a lot of FUD around all digital assets,” which is also true of XRP.
FUD is an acronym for “fear, uncertainty and doubt,” three terms that have become synonymous with cryptocurrencies.
The case of FUD surrounding Ripple follows a staggering 32,000% surge in 2017. The coin plunged 60% last month as part of a broader retreat in the market. For skeptics, however, most buyers of XRP don’t actually know what the coin does or that the company behind it – also called Ripple – owns more than 60% of the supply. If you’re looking for a truly decentralized currency, they say, then Ripple ain’t it.
XRP has been described as the banker’s cryptocurrency for its broad implementation in traditional financial markets. The company currently has two payment products that help banks boost cross-border flows and real-time payments. These products include xRapid, the cross-border platform, and xRapid, which helps banks maintain liquidity in emerging markets.
Garlinghouse reiterated XRP’s prowess as a payments platform, saying it picks up where bitcoin left off.
“I actually am long bitcoin, personally,” Garlinghouse said, as quoted by Yahoo’s Daniel Roberts. “I am not a believer that bitcoin dies some terrible death. I don’t think it’s going to solve a payments problem. XRP is 1,000 times faster and 1,000 times cheaper than a bitcoin transaction.”