At the time of going to press, Ethereum (ETH) and Ripple XRP were up ten percent in just five minutes. That happened without the drive of other big cryptocurrencies, like Bitcoin. This topping of Ethereum and Ripple XRP occurred around the same time on the Bitfinex crypto exchange. The increase also affected other major crypto exchanges.
There have been no major announcements regarding Ethereum or Ripple XRP in the last 12 hours before the editorial deadline. The investors were therefore skeptical about the sudden price rise.
Some members of the ripple community had suggested that Ripple would announce a major event in the near future. The price increase serves to increase the hype for a product or an event that is not yet publicly known.
Such a short-term hype recalled the failure of Ripple XRP's listing on the Coinbase crypto fair in early 2018. No trusted source and no recognized crypto-industry expert have announced partnerships or anything similar for Ripple. It must therefore be assumed that the increase in Ripple XRP was only based on the market itself and was not influenced by other events.
Sagar Sarbhai, Head of Ripple Asia-Pacific and Middle East Regulatory Relations, commented yesterday. He said in an interview on the ripple product xRapid:
“I am very confident that you will probably hear good news next month as we move the product into production.”
However, Sarbhai had already made that statement on Monday. It therefore seems far-fetched to say that the communication triggered the current price rise.
In addition to Ethereum, Ripple XRP has also suffered substantial price declines in recent months. It is therefore also conceivable that there was an overselling situation which led to a correction up to the editorial deadline.
In general, Ethereum is not strongly influenced by developments in the industry. The cryptocurrency is the second largest on the market and has a large ecosystem of dApps.
Because individual occurrences rarely affect Ethereum, it's more likely that the upswing was triggered by a group of investors. The goal could have been to trigger a correction rally.
The abnormal market movements suggest that the market has not yet found the bottom. Also, it does not seem like the time has come for a medium-term rally. This is true until the market stabilizes more.
Sources: CoinMarketCap, CNBC, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/newsflash-ethereum-und-ripple-xrp-steigen-in-wenigen-minuten-um-10/
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