Ripple’s XRP token has enjoyed notable gains recently, rising close to 20% within 24 hours as it benefits from several positive news developments.
The digital token reached $1.08 at roughly 03:00 UTC (10 a.m. EST), roughly 19.85% higher than the same time the day before, according to CoinMarketCap.
When explaining this price rally, analysts pointed to several factors, including banks’ continual adoption of Ripple technologies and rumors that major digital currency exchange Coinbase will soon list the XRP token for trading.
Thorngren emphasized the digital token’s upside potential, stating that it has a “real opportunity to again become the 2nd largest Cryptocurrency by valuation.”
“When you take all of this into consideration and then look at the price point for XRP it creates an obvious buying opportunity.”
Chris Kline, Co-founder and COO at Bitcoin IRA, also provided a bullish take on the digital token.
“In the long term, the power of XRP to enhance remittance payments, transaction speeds, money velocity and so much more will drive this asset to substantial growth,” he said.
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