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 Coinbase.com 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).

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.

 

Featured Image Credit: Photo via Pixabay.com