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).

TRON Foundation Announces $20 Million TRX Buyback to Promote Market Stability

The TRON Foundation, an organization created to support the development of the TRON network, has recently announced a $20 million TRX token buyback that’s set to “promote community activity and market stability.”

According to a Medium blog post, the TRX buyback will be “by far the largest” token buyback plan the Foundation has ever had, and will have “the widest coverage in the secondary market.” The buyback is set to last for a year and will have several batches.

The TRON Foundation’s TRX holdings, it added, will be unlocked on January 1 of 2020, although the organization has no plans for its TRX at the time. Currently, one TRX token is trading at $0.034 after falling 10.6% in the last 24-hour period.

The token’s price dropped amid a major market sell-off that has seen the price of some altcoins – including Litecoin, EOS, and XRP – drop by well over 10%. The price of BTC is currently down 5.4% in said period. The selloff is likely being caused by traders taking profits off of the bull run we’ve been seeing since the beginning of the year.

Earlier this year, TRON announced a soon-to-be-released upgrade for its blockchain, called Odyssey 3.6. It’ll reportedly include features that are set to improve the network’s security and stability.

As CryptoGlobe covered, in May of this year the TRON Foundation announced BitTorrent, a leading peer-to-peer file sharing platform, would be incorporating the BitTorrent File System (BTFS) protocol to “allow users to receive and host storage on their computers with other individuals and businesses.”

The TRON Foundation has recently celebrated its Independence Day, as on June 25, 2018 the TRON mainnet was launched and its genesis block was created. Since then, the network has grown to over 3.1 million mainnet addresses, and an average of 1.5 million transactions per day, according to Justin Sun.