Yes, Ripple and its XRP token are really making the headlines this week. On the last day of July Ripple made two announcements that were bound to grab attention since they concern two globally famous people: Bill Clinton and Madonna. The former U.S. president is giving a keynote speech at Ripple’s tech conference Swell in October and Ripple has partnered with Madonna to celebrate the performer’s 60th birthday by matching donations to her charity Raising Malawi, a non-profit organization she co-founded with American screenwriter Michael Berg in 2006, to support its work at the Home of Hope orphanage in Malawi.
XRP bucks crypto market trend
But it is also making the news with its XRP token. As Bitcoin battles to maintain the gains it made last week, accompanied by ETH and LTC, the price of XRP appears to be going in the opposite direction to the others — in other words, it’s on the up.
According to JP Buntinx in The Merkle: “Over the past 24 hours, the XRP price has gained a surprising 2.41% in value. That in itself is perhaps the biggest surprise of them all, especially when considering how the Bitcoin price has lost a stunning 6.4% in value during the same 24 hours. Because of these developments, the XRP price has now returned to its previous value of $0.45, although it may continue to rise for some time to come.”
Buntinx also points out that the XRP price is also on the rise because of strong gains in the XRP/BC ratio over the past 24 hours, which goes against the usual run of things and perhaps it is a sign that there is a major altcoin rebound in the offing.
Trading volume is high this week, mostly due to people selling off BTC and other altcoins, whereas trading in XRP is relatively low, and this is helping to make it look good.
As to what happens next, not even an expert like Buntinx can say for sure, although he does suggest it is a sign that there is still plenty of life left in the crypto market. As he says, we’ll just have to keep an eye on XRP over the coming hours and days, then we’ll have more evidence to form opinions. Does it have anything to do with Madonna or Bill Clinton? Well, we do know that when Madonna ‘likes’ something, whether it is Bikram yoga or B12 injections, the rest of the world follows her. Maybe she has sprinkled her fairy dust on XRP!