XRP Surges 8% as it Seems to Be Starting to 'Retrace Months of Underperformance'

The price of XRP, the third-largest cryptocurrency by market cap, has risen over 8% over the last 24 hours as it’s outperforming most other top cryptocurrencies.

According to CryptoCompare data, XRP is currently trading at $0.173 after rising 7.5% amid what appears to be a wider recovery, as the cryptocurrency’s price has been going up from a low seen earlier this year, of $0.138.

XRP's price performance vs. btc, ethSource: CryptoCompare

This week alone, XRP has added over $1 billion to its market capitalization, and has been outperforming the only two other cryptocurrencies with a market cap above it: bitcoin (BTC) and ether (ETH).

Over the last 12 months, XRP hit a high of $0.46 in June, and has been on a downtrend since. Its all-time high, in December 2017, was of $2.7, at a time in which most cryptocurrencies hit their all-time highs. Bitcoin’s price back then was near $20,000.

Commenting on XRP’s price performance Su Zhu, CEO of Three Arrows Capital, pointed out it appears buyers are looking to help it “retrace months of underperformance.”

What’s behind XRP’s price performance is currently unclear. Brad Garlinghouse, CEO of the largest XRP holder on the market, Ripple, is facing a lawsuit accusing him of promoting the cryptocurrency while liquidating his own holdings,  which would presumably add to the selling pressure.

The price may, on the other hand, be rising over comments made in an interview by Arthit Sriumporn, the Senior Vice President (SVP) of Commercial Banking at Siam Commercial Bank (SCB), on the benefits of the financial institution being a part of RippleNet, Ripple’s global payments network.

The SCB is Thailand’s largest bank by total assets, and Sriumporn touted in the interview RippleNet helped it improve customer experience when it comes to remittances. The financial institution’s vice president further revealed it created “SCB Easy,” an app powered by Ripple’s technology, among other benefits.

Featured image via Pixabay.