Good News Helps XRP Outperform Every Top 100 Crypto With 20% Gain in 24 Hours

Siamak Masnavi

On Tuesday (May 14), starting around 01:15 UTC, the price of XRP, the third-largest cryptoasset by market cap, started to surge, seemingly in response to the good news from Börse Stuttgart (SWB), the second-largest stock exchange in Germany, and from crypto exchange Coinbase in United States. 

As you can see in the 24-hour chart below, according to CryptoCompare, when the surge started at 01:15 UTC, XRP was trading at $0.3259. By 05:00 UTC, the XRP price had reached an intraday high of $0.4012, for a gain of 23.11%:

XRP - 24 Hour CC Chart - 14 May 2019.png

At the time of writing (10:56 UTC), the XRP price has retraced to $0.3830 for a gain of 19.95% in the past 24-hour period, which means that currently XRP is outperforming every other cryptoasset in the top 100, on a day when the markets are mostly a sea of green. For example, in the same period, BTC is up 13.37%, ETH is up 8.33%, LTC is up 4.93%, EOS is up 7.81%, and BCH is up 10.01%.

There could be two reasons for why XRP is outperforming its competitors today:

  • On Monday (May 13), Börse Stuttgart (SWB) announced that it had listed two exchange-traded notes (ETNs) issued by XBT Provider, one for XRP and the other for Litecoin (LTC). 
  • More importantly, also on Monday, at 14:23 PT, Coinbase announced that it was now possible for its customers who are residents of New York state
    to finally "buy, sell, convert, send, receive, or store XRP" on or using its iOS and Android apps (something that they had been waiting for since Coinbase announced on February 28 that it had made XRP available on Coinbase Consumer).