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).

Suspicions Surrounding BitBay's 18-Hour Outage Grows

Michael LaVere
  • Estonia-based crypto exchange BitBay went offline for 18 hours citing network problems.
  • Users became concerned the platform had suffered a security breach, despite multiple updates. 

Users of Estonia-based exchange BitBay became suspicious of a security breach following the platform going offline for more than 18 hours. 

On Mar. 26, BitBay published a tweet explaining it was dealing with a network problem related to its external service provider. Clients were asked to remain patient during the outage as the exchange worked to resolve the issue. 

Users were quick to respond to the outage, with some speculating the exchange had suffered a security breach or was in danger of folding. 

BitBay published an update four hours later, telling users the problem was “more complicated than we initially thought.” The exchange also floated the idea of launching the platform without access to transactions, giving users the opportunity to cancel previous offers. 

BitBay responded to the growing concern of customers by broadcasting a live stream via Facebook. The exchange wrote in the comments “all fiat and crypto funds are safe.”

At 2:56 AM UTC on Mar. 27 the exchange finally reported being back online, with trades resuming later in the morning. 

Featured Image Credit: Photo via Pixabay.com