Crypto Community FOMOing Following XRP’s 15% Weekly Gain
While major cryptocurrencies are struggling to increase their already-low prices, XRP is very much in the green with significant gains over the past week and particularly today. Moreover, Ripple’s XRP has again become a hot topic on social media. Is this a signal of an upcoming “altcoin season”?
Since the crypto market crash in late September caused by the disappointing launch of the highly anticipated Bakkt Bitcoin futures trading platform, cryptocurrencies are struggling to recover. Bitcoin itself has seen declines of almost 25%. The coin’s price fell
Despite crashing by over 15% after the Bakkt debacle, XRP has managed to recover from $0.23, increasing its price to $0.268 as of writing these lines, according to CoinGecko.
Still, Room To Grow
Despite XRP’s standout week, as can be seen in the following chart by TradingView, XRP’s price has a lot of room to grow, according to historical data. Almost two years ago, during the January 2018 altcoin bubble, XRP recorded its all-time high at around $3.31. That’s more than ten times today’s price.
The Ripple Community Is FOMOing: Alt-season trigger?
One of the possible reasons behind XRP’s bull run is the Ripple FOMO that’s all over social media after the crypto project had a few hot events that generated massive hype for the Ripple protocol and its XRP token.
This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can’t hide anything.
Well, there you go, #XRP (on chain pegged) on #BinanceChain and @Binance_DEX.
Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz
— CZ Binance (@cz_binance) October 3, 2019
A great example of this is Binance CEO Changpeng Zhao’s recent tweet, in which CZ announced that the cryptocurrency exchange would be adding XRP to both Binance Chain and Binance DEX.
Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim! https://t.co/suIyB4PVs4
— Ripple (@Ripple) September 30, 2019
In addition to Binance’s announcement, Ripple has expanded its operations in Europe by acquiring the Icelandic crypto trading firm Algrim with the goal of increasing its capabilities for the organization’s on-demand liquidity service.
A few days earlier, the organization had acquired the payments startup Logos, which joined Ripple’s newly launched developer platform, Xpring.
BOOOOOOOOOOOOOOOOOOOM!!!!
RippleNet: Building a global payments network for “financial institutions” powered by XRP
XPRING: Building a global payments networks for “developers” powered by XRP
EVERYONE WILL USE #XRP!#xrpthestandard #Ripple pic.twitter.com/n02WIuqSL0
— JackTheRippler??? (@RippleXrpie) October 3, 2019
It’s no wonder that Twitter has exploded with bullish XRP tweets, which is likely the facilitator of the cryptocurrency’s current bull run.
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