XRP has recorded some impressive gains in the last 24 hours, surging over 18% according to data from CryptoCompare.
Trading at the time of writing at $0.54, XRP peaked at over $0.55 – a 24-hour gain of nearly 21% – before dropping slightly.
In a week where several altcoins have seen gains, XRP has led the pack – with this latest spike apparently bolstered by the announcement this morning from leading exchange OKEx that it will be adding margin trading for BTC-XRP pairs (and BTC-LTC). Margin trading, which allows traders to leverage trades by borrowing to purchase more of a crypto-asset, can markedly increase trading volumes.
What Might be Contributing to the Surge?
Aside from the announcement this morning from OKEx, which likely only acted to strengthen the ongoing rally, several pieces of bullish news have emerged in November which might help explain the general recent growth.
On November 1st, Canadian exchange Coinfield announced that it had gone live with 20 XRP trading pairs. The exchange is available in 61 countries.
XRP also might have been given somewhat of a boost around the same time – as Financial ratings agency, Weiss Ratings, gave a buy signal for the cryptocurrency alongside Stellar, EOS and Cardano on Oct 31st.
More importantly perhaps has been the general bullish atmosphere surrounding leading altcoins in the last week with Ether (ETH), Bitcoin Cash (BCH) and others surging signficantly in price.
The MVIS CryptoCompare Digital Assets 10 Price Index, which tracks the performance of the 10 largest crypto assets, shows 8.45% gains for the last week.