XRP climbs about 142% as Ripple addresses and activity surge

Over the past week, Ripple’s (XRP) token rose 142.3%. The highest level since September 2018 of $0.4974 was surpassed on Sunday, November 22.

As of writing, XRP was trading at around $0.70.

Daily chart XRP/USD on the Bitfinex exchange from TradingView.

Ripple’s market capitalization topped $21 billion. According to CoinGecko, the month-long rise was 171.8%.

Data: CoinGecko.

According to Santiment analysts, the likely catalyst for the rally was an increase in daily active addresses. On November 22, the cryptocurrency rose 27% as this metric reached its highest value since May 1 (24,408).

#Ripple‘s price skyrocketed +27% today, and the amount of unique addresses transacting on the $XRP network in a single day (24,408) was the highest output since May 1st. See what other metrics will foreshadow where price movement is heading from here. https://t.co/oHasvM3nJC pic.twitter.com/R45tMNn0O1

— Santiment (@santimentfeed) November 22, 2020

Another potential catalyst could have been activity by the developer company Ripple Labs. In its Q3 2020 report it reported purchasing XRP worth $45.55 million under a buyback program to support ‘healthy markets’.

In November, Ripple Labs filed with the United States Patent and Trademark Office for a trademark for a product named Paystring. It is described as a tool for receiving and sending money transfers.

A solution called Hooks, whose launch was announced by project lead developer Wietse Wind, enables execution on the Ethereum smart contracts on the Ripple blockchain and may have influenced trader sentiment.

Time to spin up your own local XRP ledger with the Hooks amendment enabled 😉

After months of discussing, tinkering, designing, discussing some more, building (99% Richard, hats off to him!), testing, etc. it’s super exciting to publish this https://t.co/dfOK5KVgy3

— WietseWind { : } (@WietseWind) November 18, 2020

Ripple Labs released a new version of the payments app XUMM Wallet.

Positive sentiment across the crypto market may have supported XRP. Bitcoin is currently trading near $18,400.

Hourly BTC/USD chart on the Bitstamp exchange from TradingView.

On November 23, Ripple opened a vacancy for a senior director of central bank engagement as part of regulator-driven digital currency projects.

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