What is behind the sharp rise in the price of the Ripple XRP token?

What is behind the sharp rise in the price of the Ripple XRP token?

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The price of the Ripple XRP token for some time now has shown a sharp rise, rising to a certain point to $ 0.39. Were there any specific factors behind this growth, or is it a question of a jump in the majority of cryptocurrencies related to the growth of Bitcoin in general?

As it is known, the market of the most liquid altcoins traditionally follows the price of bitcoin, and this factor definitely cannot be excluded. This, in particular, is testified by the data of CoinMarketCap, according to which almost all leading cryptocurrencies have increased in price over the past week simultaneously with BTC.

At the same time, a sharp increase in XRP draws special attention to itself. So, if as of 11:00 UTC on Tuesday, May 14, Bitcoin rose in price by 12.97%, then the Ripple token showed an increase of 20.10%. On a seven-day period, these figures were 35.86% and 25.83%, respectively, and from this point of view, on the weekly segment XRP is second only to the traditionally speculative Bitcoin Cash (34.29%).

However, it is impossible to throw off other factors behind this increase in XRP. So, on the eve it became known that the second largest stock exchange in Germany, Börse Stuttgart, gave the green light to listing exchange notes (ETN) linked to Litecoin and XRP.

In particular, Börse Stuttgart allowed the placement of four securities issued by the Swedish supplier of stock notes XBT Provider and tied to Litecoin and XRP courses, which are quoted in pairs with the euro and the Swedish krona, respectively. “For the first time in German history, investors can buy and sell stock notes based on Litecoin and Ripple (XRP),” said Jürgen Dietrich, director of Börse Stuttgart for highly liquid stocks.

However, the positive news on XRP has not been completed. Later that day, the leading US cryptocurrency company, Coinbase, announced that XRP was available for buying, selling, storing, and transacting by users of the main platform Coinbase.com from New York State. XRP (XRP) is now available to Coinbase users who are New York residents.

In general, the XRP price chart from the beginning of the year is as follows: As you can see, recent events have allowed the token to reach a new maximum of 2019 (relative to USD), although it is still far from its previous heights. Recall also that from May 1, the XRP token quotations began to display the second largest stock exchange in the world, Nasdaq.

What is behind the sharp rise in the price of the Ripple XRP token?

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