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Crypto Community FOMOing Ripple Following XRP’s 15% Weekly Gains

While major cryptocurrencies are struggling to increase their already-low prices, XRP is in the dark green with significant gains over the past week and particularly today. Moreover, Ripple again becomes a hot topic on social media. Is this the signal of an upcoming Altcoin Season as usually those start by a Ripple surge?

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 had seen declines of almost 25% in that period, the coin’s price had seen a drop from a little over $10,000 to under $8,500 on September 24 and continuing its downtrend to $7,950, as of today.

Despite crashing by over 15% during the Bakkt incident, XRP has managed to recover from a price of $0.23, increasing its price to $0.268 as of writing these lines, according to CoinGecko.

XRP/USD over the past week, chart by TradingView

Still, Room To Grow

Despite the fascinating week of Ripple, as can be seen in the following chart by TradingView, Ripple’s price has a lot of room to grow, according to historical data. Almost two years ago, in the January 2018 Altcoin bubble, XRP recorded its all-time high at around $3.31. More than 10x today’s price.

xrp_oct7_1w-min
XRP/USD long-term, chart by TradingView

The Ripple FOMO among the community: 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.

A great example of this is Binance CEO Changpeng Zhao, aka. CZ’s recent tweet, in which he announced that the cryptocurrency exchange is adding XRP to both Binance Chain and Binance DEX.

In addition to Binance’s announcement, Ripple has expanded its operations into Europe through 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 before, the organization had acquired the payments startup Logos, who were joining Ripple’s newly launched developer platform, Xpring.

It’s no wonder that Twitter has exploded with bullish XRP tweets, which is likely the facilitator of the cryptocurrency’s current bull run.

The post Crypto Community FOMOing Ripple Following XRP’s 15% Weekly Gains appeared first on CryptoPotato.

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