Crypto Community FOMOing Ripple Following XRP’s 15% Weekly Gains
While major cryptocurrencies are struggling to increase their already-low prices, XRP is in the dark green with significant gains over the past week and particularly today. Moreover, Ripple again becomes a hot topic on social media. Is this the signal of an upcoming Altcoin Season as usually those start by a Ripple surge?
Since the crypto market crash in late September caused by the disappointing launch of the highly anticipated Bakkt Bitcoin futures trading platform, cryptocurrencies are struggling to recover. Bitcoin itself had seen declines of almost 25% in that period, the coin’s price had seen a drop from a little over $10,000 to under $8,500 on September 24 and continuing its downtrend to $7,950, as of today.
Despite crashing by over 15% during the Bakkt incident, XRP has managed to recover from a price of $0.23, increasing its price to $0.268 as of writing these lines, according to CoinGecko.
Still, Room To Grow
Despite the fascinating week of Ripple, as can be seen in the following chart by TradingView, Ripple’s price has a lot of room to grow, according to historical data. Almost two years ago, in the January 2018 Altcoin bubble, XRP recorded its all-time high at around $3.31. More than 10x today’s price.
The Ripple FOMO among the community: Alt-season trigger?
One of the possible reasons behind XRP’s bull run is the Ripple FOMO that’s all over social media after the crypto project had a few hot events that generated massive hype for the Ripple protocol and its XRP token.
This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can’t hide anything.
Well, there you go, #XRP (on chain pegged) on #BinanceChain and @Binance_DEX.
Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz
— CZ Binance (@cz_binance) October 3, 2019
A great example of this is Binance CEO Changpeng Zhao, aka. CZ’s recent tweet, in which he announced that the cryptocurrency exchange is adding XRP to both Binance Chain and Binance DEX.
Ripple continues its acquisition streak, and launches operations in Iceland. Welcome to the family, Algrim! https://t.co/suIyB4PVs4
— Ripple (@Ripple) September 30, 2019
In addition to Binance’s announcement, Ripple has expanded its operations into Europe through acquiring the Icelandic crypto trading firm Algrim with the goal of increasing its capabilities for the organization’s on-demand liquidity service.
A few days before, the organization had acquired the payments startup Logos, who were joining Ripple’s newly launched developer platform, Xpring.
RippleNet: Building a global payments network for “financial institutions” powered by XRP
XPRING: Building a global payments networks for “developers” powered by XRP
EVERYONE WILL USE #XRP!#xrpthestandard #Ripple pic.twitter.com/n02WIuqSL0
— JackTheRippler🤫🐻🏦 (@RippleXrpie) October 3, 2019
It’s no wonder that Twitter has exploded with bullish XRP tweets, which is likely the facilitator of the cryptocurrency’s current bull run.