XRP prices over the past few months have seen a spike of 91%, chasing Bitcoin (BTC) and Ethereum (ETH).
The Ripple asset surge seems to be driven by these three factors:
XRP Unique Address Enhancement
Most addresses are related to the XRP surge in late November. On November 22, the trend rose sharply as cryptocurrencies jumped 27% within a day.
Analysts described the XRP value spike on that day as the highest since May 1 with transaction output using unique addresses on the $ XRP network within a day reaching 24,408.
Ripple Repurchases Drive XRP Price Spike
Ripple bought a total of XRP worth $ 45.5 million in the third quarter of 2020 in a repurchase plan. The move is said to be a move to support a stronger market.
Repurchases will also result in increased asset demand whether in stock, commodities or cryptocurrencies.
Launch of New Services
In early November, Ripple introduced a rebranding of their service, Paystring.
Their services include the category of electronic financial services in receiving and sending money.
All three factors played a role in the XRP surge to a 16-month high. The weekly chart also shows a break to the highest price level since November 2018.
At the time of writing, the XRP price is trading at $ 0.59 with a 3.82% jump.
