In quite an unusual event, the Ripple’s platform native cryptocurrency witnessed a 197% surge in its market capitalisation and price.
As per the data available on multiple trading platforms, Ripple coin marked a lightning bull rally, and surged from $0.007626 to $0.008017 within only one hour. The cryptocurrency’s market cap, in parallel to the price, increased from $32.5 million to more than $5.28 million.
The event, which appears to be heavily manipulated, has already sent traders looking for clues. Some believe that it is nothing but favouring fundamental factors that has prompted the aforementioned rally.
Ripple Labs, a blockchain-based cross-border remittance company, have lately partnered with some of the world’s leading financial giants, including recently partnered with the Bank of America, Santander, Royal Bank of Canada, UniCredit, Standard Chartered and the Westpac Banking Corporation. The Californian company plans to create a global payment network as a stronger alternative to the SWIFT, another global network that was recently plagued with a series of security breaches and hacking incidents.
Startups like Ripple Labs have since cashed a lot on its predecessors’ incapabilities to introduce sound security protocols. Resting on the power of blockchain, a public ledger that powers the world’s leading cryptocurrency Bitcoin, Ripple Labs seems to have going through an excellent business phase.
Ripple also recently raised over $55 million in funding from some of the leading banking and financial institutions including Standard Chartered, Accenture, SCB Digital Ventures, Siam Commercial Bank and SBI Holdings. Ripple has also received investments from Google Ventures, IDG Capital Partners, AME Cloud Ventures and Andreessen Horowitz.
It still doesn’t justify the reason behind its native cryptocurrency’s monstrous demand in trade markets. It is definitely the first time for Ripple to see its total market capitalization increase by $14 million in less than an hour. However, the cryptocurrency platform has had an eventful last month, after its market capitalization touched $325 million.
Ref: CoinMarketCap | Image: Ripple